Pushing for different standards: are the profession and its clients ready for two sets of auditing standards?

Accounting Today,  June, 2003  by John Covaleski

Tags: AICPA, audit, auditing, FINANCE, PCAOBQualitySECstandards

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WASHINGTON -- As the American Institute of CPAs moves into its diminished role as the setter of audit standards used only in private company engagements, some practitioners question if the market and the profession are ready for separate standards for private and publicly owned companies.

"We have to step forward in our role in setting standards for non-issuers [privately held companies that do not issue public stock]," AICPA Chairman William F. Ezzell said at the institute's recent spring meeting of Council. That was just two days after the Securities and Exchange Commission declared that the Public Company Accounting Oversight Board is ...