It emerged this week that Iosco regards US auditing rules as a ‘good example’, and it has voiced its full support for proposals to update standards in a report by the US Securities & Exchange Commission last year which caused a furore among accountancy firms.
As the International Auditing Practices Committee this week announced it was seeking Iosco endorsement by 2004, its chairman Dietz Mertin said: ‘We’re starting in the middle. We are more detailed than European standards, but more conceptual than the US.
‘I hope the detailed way of doing it in the US will be changed slightly and I hope Iosco will not show US standards as being the best example,’ he added.
Auditing standards in Europe tend to work on a principles approach compared to the US’s rulebook method. Any changes will affect companies seeking listing in markets such as Frankfurt’s (above) which last month enjoyed Fastnacht Dienstag carnival celebrations.
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