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IFAC urges PCAOB to rely on international auditing standards

  • IFAC (International Federation of Accountants) (lt gray) Image

20 May 2003

In a Letter (PDF 117k) to the US Public Company Accounting Oversight Board (PCAOB), the International Federation of Accountants (IFAC) has urged the PCAOB to "seek public comment on the appropriateness of using International Standards on Auditing (ISAs) as a common base for issuers in the U.S." IFAC pointed out the benefits of adopting an internationally consistent approach to professional auditing standards.

IFAC noted that using ISAs as a common base would require auditors to both:
  • perform a financial statement audit in accordance with ISAs, and
  • perform additional procedures and report on additional matters in response to specific legal, regulatory, or other needs established at a national level.

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