Big Four want clearer US guidance
Big Four firms operating in the US have called on the country's audit watchdog to provide clearer and more specific guidance on changes to existing standards.
In November, the Public Company Accounting Oversight Board recommended amendments to existing standards on auditing, attestation, quality control, ethics and independence of auditors, replacing standards originally put out by the American Institute of Chartered Professional Accountant’s auditing standards board.
But PricewaterhouseCoopers called on the PCAOB to put a process in place to ensure changes were clearly identified, while Ernst & Young urged the watchdog to provide ‘specific wording of all affected standards’.
Deloitte stressed that ‘providing clear standards and guidance to auditors is essential in order to ensure audits are performed appropriately,’ WebCPA reported.