A single set of worldwide auditing standards: The road is long ..

This article makes the case for convergence on a single set of global, high quality auditing standards. The need is driven by the fact that business and capital markets have ‘ gone global ’ , whereas relevant laws, regulations and standards remain predominantly national in nature. The article is written for stakeholders in the fi nancial reporting supply chain – preparers and issuers, including audit committee members; auditors; investors and investor representatives; auditor oversight bodies; other regulators and global and regional organizations such as the Financial Stability Board, the World Bank and various European institutions. It is written in the hope that it will encourage national regulators and others involved in the legislative and standard-setting process to take appropriate action in favor of convergence, thereby serving the global public interest. I also hope that the arguments presented will help global and regional organizations play their role in discouraging narrow nationalism. International Journal of Disclosure and Governance (2010) 7, 298 – 309. doi: 10.1057/jdg.2010.20 ; published online 16 September 2010