Multiple Auditing Standards and Standard Setting: Implications for Practice and Education
auditing standards; Clarity Project; audit education; PCAOB; AICPA
American Accounting Association
Current Issues in Accounting
We organized a panel discussion on the roles of the multiple auditing standard setters and the implications of these multiple sets of standards for practice and education. The session took place at the American Accounting Association (AAA) Auditing Section Meeting in Savannah, Georgia in January 2012. In this paper, we discuss the roles of the various auditing standards setters (e.g., Auditing Standards Board [ASB], Public Company Accounting Oversight Board [PCAOB], International Auditing and Assurance Standards Board [IAASB]) and how the standards have diverged over time. We then present panelists’ responses to questions raised during the session, which reflect differing perspectives concerning why multiple standards may be necessary, barriers to a more unified structure for auditing standards, and differences in enforcement and quality assessment. The panelists also discussed challenges posed by the existence of multiple standards for CPA firms, students, and instructors, and how these challenges may be addressed by both educators and accounting firms.
Published in Current Issues in Auditing, volume 7 issue 1, 2013. Bryant users may access this article here.