Date: November 20, 2013
To: International Auditing and Assurance Standards Board
Filing Type: Regulatory
Description: CCMC submitted a letter to the IAASB expressing concerns with the proposed new and revised international auditing standards. Unfortunately, many of the concerns we expressed last year, still remain. Specifically, the Proposal changes the role of the auditor and obscures the lines of responsibility established by corporate governance policies. If enacted, the proposals would enhance the liability profiles for auditors and companies and promote a chilling effect on the ability of auditors to exercise judgment and perform their critical duties for businesses and investors.