The American Institute of CPAs’ (AICPA’s) Auditing Standards Board (ASB) has submitted a comment letter in response to the International Auditing and Assurance Standards Board’s (IAASB) Invitation to Comment – Enhancing Audit Quality in the Public Interest—A Focus on Professional Skepticism, Quality Control and Group Audits (ITC).
Issued in January 2016, the ITC sought feedback about the three key areas of professional skepticism, quality control and group audits in order to obtain stakeholder views about ways to improve audit quality. The feedback will be instrumental to the IAASB in shaping its standard-setting activity in the near term.
The ASB’s May 16, 2016 comment letter was very supportive of the IAASB’s initiative to explore revisions to the standards or issue more guidance to auditors in these areas. The ASB’s comment letter also provided detailed comments and observations about the specific questions to which the IAASB was seeking input.