ACCA has welcomed the European Commission's (EC) recently announced consultation on the adoption of International Standards on Auditing (ISAs).
The consultation follows ACCA's longstanding support for ISA adoption, and it will submit its full response by the consultation deadline of 15 September 2009.
'Modernising auditing standards will be beneficial to the auditing profession because it will mean a consistency of approach across the EU,' said David York, ACCA head of auditing practice. 'We welcome the rigour of the EC's consultation. It presents the EC's case for believing that the standards do meet the criteria to be recognised in EU law - that they have been developed with proper due process, public oversight and transparency, and are generally accepted internationally; that they contribute a high level of credibility and quality to the annual or consolidated accountants; and most importantly overall, that they are conducive to the European public good.'
The consultation is seeking the views of preparers, users, and public authorities as well as auditors. There are important questions concerning adoption, including whether, as ACCA believes, ISAs should be adopted for all statutory audits, including those of small companies.
'This is a strong step forward,' said York. 'Modernised ISAs bring real benefits for business, investors and regulators. We encourage all interested parties to engage with this consultation and we await the results eagerly.'
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