Title: Change at last in auditing standards

Authors: Aida Sy; Tony Tinker

Addresses: Department of Economics and Finance, School of Management, Marist College, Room LT101, 3399 North Road, Poughkeepsie, New York, 12601, USA ' Department of Accountancy, Baruch College, City University of New York, One Bernard Baruch Way, P.O. Box B12:225, New York, NY 10010, USA

Abstract: Auditing and the standards are an on-going work as they deal with business which changes continually. Each time there is a major change in the business world, the standards must be updated or almost completely removed and replaced by new standards. This implies that there is a delay in setting the next standards; furthermore, this can harm business. This article is concerned with the auditing standards and their effects on business. The paper shows how the Public Company of Accounting Oversight Board and the Securities Exchange Commission are critical to the auditing standards settings.

Keywords: auditing standards; new standards; accounting; Securities and Exchange Commission; SEC; regulation; corporations; EU; European Union; United States; USA; SOX 2002; Public Corporate Accounting Oversight Board; PCAOB; China.

DOI: 10.1504/IJCA.2013.058707

International Journal of Critical Accounting, 2013 Vol.5 No.5, pp.556 - 561

Published online: 29 Apr 2014 *

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