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Status of Auditing Standards in US Lynford Graham Member, AICPA Auditing Standards Board,

Status of Auditing Standards in US Lynford Graham Member, AICPA Auditing Standards Board,. The Current Status of Auditing Standards in the US. Standards Setting 2004 PCAOB – Public AICPA – Not PCAOB GAO – A-133, Gov. NASBA – Regulate State Licensing. Standards Setting – To April 2003.

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Status of Auditing Standards in US Lynford Graham Member, AICPA Auditing Standards Board,

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  1. Status of Auditing Standards in US Lynford Graham Member, AICPA Auditing Standards Board,

  2. The Current Status of Auditing Standards in the US Standards Setting 2004 • PCAOB – Public • AICPA – Not PCAOB • GAO – A-133, Gov. • NASBA – Regulate State Licensing

  3. Standards Setting – To April 2003 • Standards • Audit and Attest Services • Quality Control • Independence and Ethics • Audit and Accounting Guides

  4. Private – AICPA SAS 102, ….. Continues to Advance Public – PCAOB Adopt April 03 AICPA Standards (Frozen) PCAOB Standards will Overlay / Overlap Not Conform AICPA April 2003 Standards ???? Professional Standards 2004 +

  5. Analysis of Audit Practices • Less than 100 firms have more than 10 SEC clients • 15,000+ public company audits • Hundreds of thousands ofnon public company audits

  6. Implications • Reports of Public Companies in 2004 will Reference “Standards of the P.C.A.O.B” • Includes Standards, Independence, Ethics, Quality • Reports of Others will Reference “Generally Accepted Auditing Standards” Must Reference Relevant Standards • e.g., PCAOB has no jurisdiction over nor any intention of inspecting private company engagements.

  7. Future of Standards Setting – Private Companies • ASB Restructured • NASBA representatives • User groups • State Societies • International Convergence • Voluntary Election? • Proposed GAO – PCAOB – ASB Standards Group

  8. Questions ??

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