The Auditing Standards Board (ASB), a crucial standard-setting body under the American Institute of CPAs, is actively seeking public input on its proposed strategic plan for 2026-2030. This call for comments is part of their ongoing commitment to ensure transparency and inclusivity in shaping the auditing standards that govern private companies. The deadline for submissions is June 13, 2025, and feedback can be provided through an online survey or by emailing comments directly to the ASB.
Sara Lord, chief auditor at RSM US LLP and chair of the ASB, highlighted the importance of stakeholder input in fulfilling the board's mission: “The feedback on the proposed strategy is incredibly valuable to the ASB. The board pays a vital role in serving the public interest by developing, updating and communicating auditing, attestation and quality management standards, and we need stakeholders’ input to help fulfill our mission.” This feedback is invaluable as the ASB outlines five key initiatives in its strategic plan: developing high-quality standards, enhancing communications with stakeholders, operating strategically, ensuring standards remain relevant in a changing environment, and supporting effective implementation.
Aside from the proposed strategic plan, the ASB is also progressing with its 2025 work plan, which includes several projects aimed at addressing rising public interest in sustainability assurance and enhancing the auditor's responsibilities in combating fraud. Among these initiatives is an exposure draft titled “Proposed SAS External Confirmations,” which seeks to amend various AU-C sections in the AICPA Professional Standards. The comment period for this draft ends on June 30, 2025. Furthermore, the ASB is soliciting comments on another exposure draft called “Proposed SSAE Scope Limitations in a Review Engagement” which aims to amend AT-C section 210, permitting a qualified or disclaimer conclusion in a review engagement where scope limitations occur, with comments due by May 30, 2025. Jennifer Burns, chief auditor of the AICPA, echoed the board's enthusiasm, stating, “The ASB has several important projects underway, and we are looking forward to the public comments.” This structured approach aims to streamline feedback collection, ensuring all valuable insights are captured effectively.
In an important parallel development in India, the Central Board of Direct Taxes (CBDT) has invited public feedback on the proposed Income Tax Bill, 2025, aimed at modernizing the country's tax framework. Introduced in the Lok Sabha on February 13, 2025, this bill is currently under scrutiny by a Parliamentary Select Committee. In a statement on March 18, 2025, the CBDT emphasized the need for stakeholder involvement aligning with the objective of replacing the Income Tax Act of 1961 with a framework better suited to modern complexities.
The Ministry of Finance has activated a dedicated feedback link on the Income Tax Department’s e-filing portal, active since March 8, 2025, to facilitate submissions. Stakeholders, including taxpayers and industry professionals, are encouraged to share their insights via the e-filing portal, eportal.incometax.gov.in, providing input on various provisions of the bill.
Key features of the Income Tax Bill, 2025 include a 'unified tax year' system to replace the existing Financial Year and Assessment Year structures, thereby reducing confusion during tax filings. Moreover, it broadens the definition of Virtual Digital Assets (VDAs) to encompass cryptocurrencies, non-fungible tokens (NFTs), and other digital assets, reflecting India's efforts to keep pace with technological advancements in the financial sector. A revamped recovery and appeals mechanism is also proposed to streamline tax recovery processes, minimizing procedural delays.
The bill also incorporates simplified legal language to improve clarity, while proposed amendments to Section 47 aim to remove certain clauses concerning land transfers by distressed companies, indicating a significant shift in legislative focus. Following the stakeholder consultation period, feedback submitted via the CBDT’s e-filing portal will be compiled and presented to the Parliamentary Select Committee for further refinement of the proposed legislation.
Both the ASB in the United States and the CBDT in India exemplify how regulatory bodies are adapting to emerging trends and complexities in their respective fields. By inviting comprehensive feedback from stakeholders, these organizations demonstrate a commitment to inclusivity and public engagement in their strategic and legislative reforms.
