The American Institute of Certified Public Accountants kicks off project to achieve a one size fits all approach to auditing standards as convergence looms
The American Institute of Certified Public Accountants has launched an ambitious plan to iron out cross- border differences as convergence on auditing standards draws closer.
The aim of the Clarity Project,which is expected to take between two and three years to complete, is to have a universal format for audit rules. Any standards that have no clear objective will be turfed out, according to WebCPA.
Harold J Monk Jr, chairman of the AICPA’s Auditing Standards Board, said: 'It will start with an introduction to explain the purpose of the standard, followed by an overall objective for what the auditor is supposed to accomplish. The standard will be a candidate for elimination if we can’t find an objective.'
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