In a long-awaited shift in purview, the Auditing Standards Board has eliminated its standard on the hierarchy of generally accepted auditing standards just as the Financial Accounting Standards Board issued a new standard establishing the same hierarchy.Chuck Landes, the American Institute of CPAs’ director of auditing and attestation, said that the ASB fully approved of the shift in a vote at its quarterly meeting in May.
“We totally supported FASB in bringing that hierarchy out of the auditing literature and into their accounting literature,” he said. “We think it’s important that it be in the accounting literature because it is the accounting hierarchy.”
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