NEW U.S. AUDITING REPORTING STANDARD

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

• What type of companies does the new U.S. Audit Reporting Standard apply to?
• When does the Standard become effective?
• What are the major components of the new U.S. Standard?
• What impact will the new Standard have on the following parties:
  • The Financial Statement Users.
  • The Auditors.
  • The Companies’ Management.
  • The Standard setters and regulators.

Please answer a clear answer.