The AICPA’s Auditing Standards Board (ASB) has completed the Clarity Project, converging the U.S. Auditing Standards with the International Standards on Auditing (ISAs), issued by IAASB. Although the purpose of redrafting the auditing standards is for clarity and convergence and not to create additional requirements, auditors will need to make some adjustments to their practices as a result of this project.
• Visit the AICPA Web site and search for information about the Clarity Project and the convergence.
• Discuss two of the adjustments necessary as a result of the U.S. adoption of the ISAs.
• Discuss any benefits of using the ISAs on U.S. economy and the auditing profession.
• Discuss whether you think the quality of financial audits will be improved as a result of the U.S. adoption of the ISAs.