A new study indicates that differences between the international and U.S. auditing standards are fairly negligible and won’t present the challenge now facing the convergence of U.S. GAAP with International Financial Reporting Standards.
The study, prepared for the European Commission by the Maastricht Accounting, Auditing and Information Management Research Center, evaluated the differences between International Standards in Auditing and the standards of the U.S. Public Company Accounting Oversight Board. ISA has been updated and modernized recently by a clarification project and is now the subject of a public consultation by the European Commission on the standards’ adoption in European Union member states. The Maastricht study is expected to help advance that effort.
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