Audit standards could go global: report

The differences between US and international audit standards are negligible
according to a new report prepared for the European Commission.

A report by the Maastricht Accounting, Auditing and Information Management
ResearchCenter has found the challenge of converging US and international audit
codes will not be on the same scale as converging US and international
accounting rules.

However, the report found there remains significant differences under the US
Sarbanes-Oxley act for separate reporting by auditors on internal control over
financial reporting.

David York, head of the auditing practice at the Association of Chartered
Certified Accountants, said the report found that investors are in favor of a
single global set of auditing standards.

`The report also makes the significant point that auditing standards are just
one element. Audit quality depends on how they are applied by firms and enforced
by regulators,’ he said.

Read the full story:
Standards Don’t Have Far to Converge

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