What are audit standard setters doing to keep pace?
Bunting: International auditing standards are used directly in many countries that use IFRS as well as in many that follow other financial reporting standards. The Auditing Standards Board in the U.S. bases its private company audit standards on ISAs, and private companies in the U.S. currently report under U.S. GAAP. As a consequence there is no direct link between the adoption of IFRS globally and the agenda of the IAASB. I believe that most of the arguments for a single set of financial reporting standards do apply to a single set of auditing standards, but the standards themselves are not tightly linked. JofA: Will the promulgation of International Standards on Auditing remain under IFAC? Bunting: IFAC is committed to developing standards in the public interest. As long as we continue to achieve this objective, I see no reason that we would not continue in our current role. The IFAC reforms implemented in 2004 established, among other changes, a system of formal oversight of our st
