Proposals to change development of auditing standards
Katharine Bagshaw explains how new proposals will affect audit standard setting and quality.
It is hard to measure or define audit quality, but the continuing debate on how to improve it is important. It is easy to dismiss auditing standards as having little effect on auditor behaviour or audit quality, but few would dispense with them.
It comes as a surprise to some to learn that auditing standard setting internationally still involves a great deal of detailed drafting performed by a large board – 18 members and 15 technical advisers, not counting two official observers and a technical director. Therefore finding venues with a big enough table is sometimes challenging.