• Register
Return to: Home > News > Regulation > ACCA gives views on PCAOB’s reorganisation of auditing standards

ACCA gives views on PCAOB’s reorganisation of auditing standards

by Daniel Milroy Maher

The Association of Chartered Certified Accountants (ACCA) has backed the US Public Company Oversight Board's (PCAOB) consultation framework about the reorganisation of the PCAOB auditing standards.

"The PCAOB auditing standards are certainly due for reorganisation" said ACCA council member, Kenneth Henry.
The consultation issued in March detailed "how they would map against the International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) and the ASB standards."

However, Henry went on to scrutinise the method proposed for the reorganisation - "four digit references for standards that theoretically could accommodate 9999 different documents."

He deemed this unsuitable for the current generation's needs - "when you read something on a cell phone or tablet you want to get straight to the relevant content, not worry about whether it is document 3103 or 6200."
ACCA believes the consultation is a step in the right direction.

Under the proposed changes by the PCAOB, auditing standards would be put into one of the following categories: general auditing standards, audit procedures, auditor reporting, matters relating to filings under federal securities laws, and other matters associated with audits.

The intention of the proposed reorganisation is to present the standards in a more logical fashion, according to the PCAOB.

The proposals are still open for comment until May 28

Related links



Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.