ACCA To Investigate International Audit Standards

Wed, 31 Mar 2010

The Association of Chartered Certified Accountants (ACCA) has announced it is to launch a new international investigation into the quality of audit standards.

The ACCA, together with the International Auditing and Assurance Standards Board (IAASB), will examine four main areas in a number of countries including the UK, US, Australia, Germany and the Netherlands.

The two bodies will look into the nature of professional judgement in auditing, international consistency and convergence in the application of auditing standards, the use of risk-based audit methodology by small and medium-sized practices and the implications of eXtensible Business Reporting Language (XBRL) on audit .

Arnold Schilder, Chair of the IAASB, said he expects the joint study to underpin future international audit standards.

He explained: "This initiative aligns with the IAASB’s ongoing agenda for innovation within the field of auditing and assurance and our efforts to further our understanding of international developments, including the needs of those using our standards."
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