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Attendees:
ASB: Mike Glynn, Lyn Graham, Bill Messier
IAASB: Jim Sylph
GAO: Abe Akresh, Jeanette Franzel
PCAOB: Gary Holstrum
ASC: Roger Martin, Bob Allen, Tom Kozlowski, Evelyn Patterson, Bob Ramsay
Auditing Section Executive Committee — Scott Showalter, Kay Tatum, Jean Bedard, Mark Beasley
Auditing Standards Committee
- Roger Martin described the committee's historical involvement with standard setters and emphasized the intent of the ASC, Auditing Section, and the AAA to be flexible in the current standard setting regimes to provide relevant academic input to the standard setting process.
Auditing Standards Board
- Mike Glynn summarized items listed on the handout prepared for this meeting (see Bill Messier's ASB Update for a summary of the items discussed).
- He also distributed the Fall 2004 copy of "In Our Opinion ..." (available online at (http://www.aicpa.org/members/div/auditstd/opinion/index.htm).
- The ASB is expected to reissue the exposure drafts of the suite of proposed standards related to the auditor's risk assessment process.
- Lyn Graham encouraged auditing academics to involve small firm practitioners in the discussion of ASB standard setting since the input of those practitioners will be highly valued in the current standard setting process.
International Auditing and Assurance Standards Board
- Jim Sylph distributed and discussed the December 2004 "IAASB Meeting Highlights and Decisions" (available online at http://www.ifac.org/IAASB/Meetings.php?year=2004 at "Meeting Summary").
- Jim highlighted the topic of the audit of group financial statements, led a discussion of the consideration of the impact if international standards do not allow for shared responsibility in the auditor's report, and encouraged critical thinking and research in this area and the area of divided responsibility more generally. The IAASB is expected to re-expose the exposure draft on this topic in their March meeting.
Government Accountability Office
- Jeanette Franzel discussed the GAO's interest in research related to the impact of Sarbanes-Oxley provisions, including the Act's effects on varying sizes of companies and partner rotation.
- She also expressed her office's willingness to talk to researchers working on the design of projects that might have policy implications of interest to the GAO.
Public Company Accounting Oversight Board
- Gary Holstrum discussed items on the list of topics previously prioritized by the PCAOB's Standing Advisory Group (available online at http://www.pcaobus.org/News_and_Events/News/2004-11-17.asp).
- The PCAOB staff is particularly interested in scholarly syntheses of prior research on topics on the SAG topic list.
Comments submitted to the PCAOB
The ASC has submitted comments to the PCAOB on the exposure draft "Proposed Ethics and Independence Rules Concerning Independence, Tax Services, and Contingent Fees." These comments are included elsewhere in this issue of The Auditor's Report and also can be found at:
http://aaahq.org/audit/ASC/Auditing%20Standards%20Committee%20Comment%20PCAOB
%20Docket%20017%2002-10-05.pdf
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