29 September 2015 — Consultation Response
FEE has responded to the PCAOB’s request for public comment on the content and possible use of a set of potential AQIs. FEE supports actions to enhance audit quality, such as developing AQIs. The PCAOB should keep this main objective in mind to prevent an unnecessary burden on firms without a meaningful benefit.
FEE strongly believes in a high level and principles-based approach towards exploring the use of AQIs. We advocate for all stakeholders to work together in a voluntary initiative, experimenting and develop a meaningful set of indicators. This set of AQIs should be globally accepted, as many accounting firms are international, it would be detrimental if AQIs would differ among jurisdictions.
FEE is currently undertaking a project to understand the different international initiatives that explore the option of AQIs and take stock of their outcome.