With accounting standards well on their way to globalization, pressure is growing on the Public Company Accounting Oversight Board to follow suit with its standards for auditing U.S. public companies.

In a recent speech to the American Accounting Association, PCAOB Board member Bill Gradison said the Board will move the issue of multiple auditing standards “to the front burner” this year. And in its 2008 strategic plan, the PCAOB said the time has come to “examine the implications for the PCAOB’s mission of multiple auditing standards and varying audit environments across global capital markets and consider how the Board should respond.”

Indeed, ...