When the Auditing Standards Board met in mid-January, it resolved to propose a new standard on auditor communication. The board also started a discussion on whether quality control should be linked to compensation control.While the proposal on communication was the biggest product of the meeting, the concept of a cause-and-effect connection between auditor compensation and audit quality may ultimately have greater reverberations in the profession.
The board is far from reaching any decisions on amending the existing standard on quality control, but Chuck Landes, director of auditing and attestation at the American Institute of CPAs, said that the board would like to pursue further discussion on the idea.
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