A deadline to have company audits signed off under international audit standards - made even more urgent in the wake of the collapse of energy giant Enron - could be missed after the emergence of bitter wrangling among rule setters and the European Commission.
The standards – which would only be voluntary – are proposed for use by auditors from 2005 but Accountancy Age has learned that some lobbyists are campaigning for a delay in their introduction of up to two years.
The UK’s Auditing Practices Board has urged ‘caution’ over bringing in the standards by the deadline. But the EC is keen to see them in use by 2005 and could issue legislation compelling their use.
A delay could further tarnish the image of the profession as it struggles to rebuild its reputation following Andersen’s admissions of shredding documents relating to Enron. The standards are currently under revision by the International Auditing Practices Board. It is understood members of the British profession believe the revision should be modelled on UK lines – which has caused the clash between the various standards bodies.
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