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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

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