The International Auditing and Assurance Standards Board, which sets international auditing standards used in more than 130 countries and jurisdictions, has been trying to become more closely aligned with U.S.-focused standard setters. The New York-based independent standards body is reviewing public feedback on proposed rules that would make risk a focus of audit firms’ approach to quality control. Here are edited excerpts of the interview:WSJ: The IAASB has no regulatory mandate for audit firms to follow your standards. A lot of the people who participate in the feedback don’t want two fundamentally different quality management standards throughout the world. But what we’re really focused on is: Are our standards producing audits of value?

Source: Wall Street Journal January 20, 2020 15:00 UTC