• 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

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    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.