The American Institute of Certified Public Accountants (AICPA), the American Accounting Association (AAA), and the International Auditing and Assurance Standards Board (IAASB) will launch a research initiative that will provide a better understanding of users’ perceptions of the financial statement audit and auditor’s report. Further, the research is intended to independently examine the perceptions of users of financial statements in countries around the world.
A “Request for Proposal” is being issued this week, soliciting academic research to identify and provide information about such perceptions.
The AICPA's Auditing Standards Board (ASB) has a current project to consider whether the auditor's report should be revised. The IAASB recently completed a project in this regard. The new research findings will provide important information that can be used as a basis for any future revisions to the auditor's report.
Douglas F. Prawitt, Chair of the ASB's Audit Report Research Task Force and Glen Ardis Professor of Accountancy at Brigham Young University noted, "This project should provide the required information, as well as anchor any effective modifications necessary to clarify the communication of information to financial statement users.”
AICPA is the national, professional association of CPAs. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations. It also develops and grades the Uniform CPA Examination.
AAA promotes worldwide excellence in accounting education, research and practice. The Association is a voluntary organization of persons interested in accounting education and research.
IAASB is an independent standard setting board within the International Federation of Accountants (IFAC). Its objective is to serve the public interest by setting high quality standards on auditing, quality control, review, other assurance and related services.
For more information please visit the following website: www.ifac.org