The mission of the PCAOB is to restore the confidence of investors, and society generally, in the independent auditors of companies. There is no doubt that repeated revelations of accounting scandals and audit failures have seriously damaged public confidence. Users of financial statements expect auditors to assume greater responsibility for detecting fraud and providing assurance that the financial statements are free of material fraud. Summarize one of the Auditing Standards(Links to an external site.)(AS No. 1 - AS No. 16) and explain how the PCAOB auditing standards will help auditors to plan and perform an audit that will detect material misstatements resulting from fraud.

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Consideration of fraud during audit engagements is actually a significant topic in light of accounting scandals throughout the years However one shoul... View the full answer