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The IAASB has welcomed the release by the US Public Company Accounting Oversight Board (PCAOB) of its reproposed auditing standard, which would require auditors conducting audits under PCAOB standards to provide information on critical audit matters (CAM) in the auditor’s report, in addition to other enhancements.
The IAASB said it is delighted to see the many similarities between the PCAOB’s reproposal and the IAASB’s own standards, which it finalised in September 2014.
“Comparable approaches to auditor reporting around the world will clearly benefit investors and is in the public interest. We commend the PCAOB for taking steps to enhance transparency for investors and to further global consistency,” said IAASB Chairman Arnold Schilder.
“We have heard from early adopters around the globe that enhanced communication in the auditor’s report has reinvigorated discussions with management and audit committees and inspired auditors to be innovative in their auditor’s reports.”
The IAASB’s Auditor Reporting Implementation Working Group (ARIWG) has prepared a publication, The New Auditor’s Report: A Comparison between the ISAs and the PCAOB Reproposal, to assist interested parties in understanding key aspects of the two proposals.
Kathleen Healy, IAASB Technical Director, said she was pleased by the new PCAOB standards.
“The IAASB devotes much attention to outreach and coordination with the PCAOB and other regulators and standard setters, as well as with a variety of other important stakeholders, including investors and firms. This reflects the importance we attach to achieving auditing standards that can be applied consistently in a complex, evolving global environment, and facilitates convergence.”