Study examining ISAs vs PCAOB standards

The EC has commissioned a study of the differences between the clarity ISAs and the Audit and Interim standards of the US PCAOB.  The study concludes there are only 5 areas where there substantive differences.

1. Assessing and reporting on internal control

2. Reference to the work of another auditor in a group audit

3. Documentation

4. Risk assessment and responses to assessed risks. This is probably one of the most significant differences but the PCAOB is currently working on a major project to revise their risk assessment standards

The full report can be accessed using the link included below:

http://ec.europa.eu/internal_market/auditing/isa/index_en.htm#isastudyeval