The Australian Institute of Company Directors (AICD) is pleased to provide a submission to the International Auditing and Assurance Standards Board (IAASB) in response to its Invitation to Comment, Practice Statement: Enhancing Audit Quality in the Public Interest.
The AICD does not believe that further standards are warranted in the Australian context. Rather, we suggest that implementation of existing standards and requirements may benefit from improvement. Implementation issues, in the AICD’s view, will be best addressed by targeted education focused on areas of concern to audit regulators.
The AICD endorses the focus on professional scepticism that the IAASB is encouraging and supports the proposal to align the concept of professional scepticism throughout auditing standards. However, we caution against adopting documentation and compliance obligations that could be administratively complex and costly.
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