An effort by the accounting profession's trade group to propose its own auditing standards has received a tart response from regulators.

We conducted our audits in accordance with generally accepted auditing standards.

The new chief accountant will work closely with the oversight board as it writes new auditing standards.

In 1987, the National Audit Office introduced its own auditing standards.

Internal auditing professional standards require the function to evaluate the effectiveness of the organization's Risk management activities.

Those guidelines will now be incorporated into the auditing standard.

Andersen auditors "do not appear to have followed generally accepted auditing standards," he wrote.

He led successful efforts incrementally to return the University to solvency and generally accepted auditing standards.

This would not, however, apply to Article 26, on international auditing standards.

This differs from the external auditor, who follows their own auditing standards.