Jeff Lucy, chairman of the Australian Securities and Investment Commission (ASIC) has been named the inaugural chairman of the freshly formed International Forum of the Independent Audit Regulators (IFIAR).

The forum was created last Friday at a roundtable meeting in Paris attended by independent audit regulators from around the world. Lucy’s appointment is for a one year term. The forum is made up of audit regulators from 18 countries: Australia, Austria, Brazil, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Mexico, The Netherlands, Norway, Singapore, South Africa, Spain, Sweden and the United Kingdom. The aim of the forum is to try to reduce inefficiencies and costs in audit regulation as well as to promote best practice in audit oversight. IFIAR is expected to meet twice a year to discuss issues such as audit supervision for international audits, choice in the audit market and the factors that drive audit quality.