Tag Archives: IAASB

NASBA Responds to IAASB Paper

SHARE: The International Auditing and Assurance Standards Board’s suggestion that auditors maintain a “suspicious mindset” was not supported in NASBA’s response to the IAASB’s discussion paper on “Fraud and Going Concern in an Audit of Financial Statements.” Auditors need to have “professional skepticism,” but the new term would not enhance their planning for fraud identification,…

PCAOB Weighs Quality Control Measures

SHARE: As promised by Public Company Accounting Oversight Board Chair William Duhnke at December’s Center for the Public Trust (CPT)/Baruch Conference, the PCAOB has issued a concept release on its quality control standards to reflect relevant developments affecting audit and assurance practices and firms’ quality control systems. NASBA’s Regulatory Response Committee, chaired by W. Michael…

IAASB Focuses on Professional Skepticism

SHARE: The International Auditing and Assurance Standards Board (IAASB) has released a suite of proposed standards relating to quality management at both the firm and engagement level. In reviewing the responses they received to their Invitation to Comment (ITC) last year, the IAASB found: “One of the most significant public interest issues highlighted in the…