Accountants Favor International Audit Standards - Really?
Got today's CPA Letter Daily from the AICPA and saw an article called Accountants Favor International Audit Standards.
Really? Maybe I'm too busy auditing under the guise of often excessive standards that seem to not allow me to use common sense gained from my years of experience to have heard that cry.
Then I read a bit further:
Sustainability emerged as a key issue in the survey, with 91 percent saying that advancing corporate social responsibility, including sustainability, is important, compared to 82 percent last year. In addition, 95 percent of respondents said that addressing the needs of small and midsized enterprises and practices is crucial.
Sustainability and advancing corporate social responsibility? Don't get it. I do like the last sentence in that paragraph.
In fact, I like that last sentence a lot. Which goes back to my rant above. The amount of checklists to be completed at times is virtually indistinguishable whether the enterprise has $45,000,000 in revenues or 45 transactions for the entire year.
I'm in hurry for harmonizing auditing standards. I'm frankly in hurry to see accounting standards harmonized or converged, but that is a topic for another day.
Joel M. Ungar, CPA is a lifelong resident of the Detroit area and a graduate of The University of Michigan. He is a principal with Silberstein Ungar, PLLC, a Top 15 auditor of SEC public reporting companies. Joel writes observations on different matters and especially on working with and using LinkedIn. He thinks he has a sense of humor.