Aligned Audit Quality Standards Are Goal, Board Chief Says

The chair of the international audit standard-setter hopes that regulators can agree to an aligned framework as they consider overhauling how audit firms police their own work.

“We don’t want to have multiple systems throughout the world,” Tom Seidenstein, who leads the International Auditing and Assurance Standards Board, told a roomful of auditors and fellow regulators at a Baruch College audit conference Dec. 3.

• The U.S. Public Company Accounting Oversight Board is expected to issue a concept release later this month revisiting American quality control rules. Seidenstein’s organization aims to finalize its rule overhaul in June 2020.