PCAOB staff comments at AICPA National Conference

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image
  • AICPA (American Institute of CPAs) (lt green) Image

08 Dec 2010

Further to our story yesterday about the United States SEC comments at a recent AICPA National Conference, the Public Company Accounting Oversight Board (PCAOB) has also now released transcripts of speeches made by its staff at the conference.

Martin Baumann (Chief Auditor) spoke on the current audit environment, standard setting activities and the impact of the FASB/IASB convergence projects. An extract from the published text of his speech is reproduced below:

"... My office has been closely monitoring the FASB/IASB convergence projects and, in many cases, have held discussions with the FASB and the SEC. We've also had substantive discussions at the last two meetings of our Standing Advisory Group regarding the pace, volume and nature of changes being proposed to the U.S. accounting framework... the SAG discussions expressed concern about the pace, volume and nature of accounting change and the potential audit implications.

Our SAG has also advised us to consider new auditing standards that may be necessary in light of the changes in the accounting framework, so that we don't see any slippage in audit quality and, therefore, in the reliability of financial reports.

I want to fully acknowledge the efforts of the FASB/IASB and SEC in pursuing the goal of a single set of high quality standards. But for all of us in standards-setting, we're at a crossroad and the direction we each take has great significance for the future."

Daniel L. Goelzer (Acting Chairman) also spoke on recent PCAOB achievements and on certain aspects of the PCAOB agenda for 2011, including broker-dealer audits, foreign inspections and the auditor's reporting model.

Click for our earlier story on the AICPA National Conference.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.