PracticeAuditUS institute to iron out standards divergence

US institute to iron out standards divergence

The American Institute of Certified Public Accountants kicks off project to achieve a one size fits all approach to auditing standards as convergence looms

The American Institute of Certified Public Accountants has launched an
ambitious plan to iron out cross- border differences as convergence on auditing
standards draws closer.

The aim of the Clarity Project,which is expected to take between two and
three years to complete, is to have a universal format for audit rules. Any
standards that have no clear objective will be turfed out, according to
WebCPA.

Harold J Monk Jr, chairman of the AICPA’s Auditing Standards Board, said: ‘It
will start with an introduction to explain the purpose of the standard, followed
by an overall objective for what the auditor is supposed to accomplish. The
standard will be a candidate for elimination if we can’t find an objective.’

The project has already found examples of duplication in auditing standards,
and will attempt to get rid of any redundant parts. There will be special
sections for items that are unique to small firms and governmental entities.

‘By the time we complete this project, our standards and the international
standards will be essentially the same,’ Monk added.

Further reading:

Seeing
stars, changing stripes

Related Articles

PwC found negligent by US judge over Colonial Bank's $2bn fraud

Audit PwC found negligent by US judge over Colonial Bank's $2bn fraud

2w Alia Shoaib, Reporter
Deloitte South Africa investigated over Steinhoff audits

Audit Deloitte South Africa investigated over Steinhoff audits

4w Alia Shoaib, Reporter
Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

1m Alia Shoaib, Reporter
PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1m Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1m Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

2m Alia Shoaib, Reporter