ACCT 525 Week 6 Homework Assignment: Auditing Standards & ISA vs ASB

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ACCT 525 Week 6 Homework Assignment: Auditing Standards & ISA vs ASB
Reading “A Comparison of U.S. Auditing Standards”

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DeVry University
ACCT 525HOMEWORK WEEK 61.What efforts is the Auditing Standards Board making to clarify auditingstandards?The audit standards board launched in 2004 the Clarity project with the objective tomake US GAAS easier to read, understand, and apply. The majorities of the clarifiedstandards were issued in 2011 and became effective in 2012 audits.Manyimprovements were made to the audit standards, as a result now they are clearer andstate the objectives of the auditor as well as the compliance requirements for auditorsthat are practicing an audit under general auditing standards.In 2009 the international auditing assurance standards board (IAASB) established asimilar project but to clarify the International standards for audits. As of today the IAShas clarified all of its standards with the exemption of SAS No 126 with ISA 570.In addition The ASB Auditing standard has been converged with the internationalstandards on audit ISA issues by IAASB avoiding unnecessary conflict with the publiccompany accounting oversight boards standards.http://www.aicpa.org/InterestAreas/FRC/AuditAttest/DownloadableDocuments/Clarity/Clarity_Project_QAs.pdf2.Describe the five key differ
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