In response from the outcry from the public, several countries have enacted a new Auditing Standard. The U.S. has also proposed a new standard.

1- What are the major components of the new U.S. Standard?

A) Do you think that the proposed Standard will be implemented? Explain why or why not.

B) If the new Auditing Standard was implemented, what impact will it have on the following parties:

1-The Financial Statement Users.

2-The Auditors.

3-The Companies Management.

4-The Standard setters and regulators.

Answer rating: 100% (QA)

1 Major components of the new US Standard The reproposed standard would include the following significant changes to the existing auditors report Critical audit matterswould require communication in t... View the full answer