Assignment:
Course Project Paper Outline
• Topic Name: The Impact of the New Auditing Standard (AS 3101) on the Financial Reporting
Introduction:
1) The adoption of the new auditing standard on June 1, 2017, is expected to disclose more information regarding critical audit matters ("Public Company Accounting Oversight Board," 2017).
2) Critical audit matters: The auditor is required to take into account specific factors during risk assessment. The report should describe basic considerations that led to the auditor's decision ("Securities Exchange Commission," 2017).
3) Disclosure of audit tenor under new standards
4) Improvements to the current auditor's report
History:
1. Early audits (Gomez, 2012)
2. Development in audit approaches towards efficiency
3. The modern audit reporting model (Lombardi et al., 2015)
Current Status:
1. Research on emerging issues and Supervision of auditing work.
2. Comments on potential changes that may be made on the new standards and auditing accounting estimates and the inclusion of fair value measurements.
3. Consideration for auditor's non-compliance with laws and regulations.
Future:
1. Effects of the new standard on the financial reports
2. Innovative practices in the auditing profession (Lombardi et al., 2015)
3. Transforming consumer product audit
Conclusion:
1. Impact of the new auditing standards
2. Emerging issues in auditing ("Public Company Accounting Oversight Board", 2017)
3. The future of auditing
References
Gomez, C. (2012). Auditing and Assurance: Theory and Practice. New Delhi: PHI Learning Pvt. Ltd.
Rokhmania, N. (2013). The Effect of Positive, Negative, Neutral Mood on Ethical Auditor Judgments. The Indonesian Accounting Review, 3(1), 89-98.
Lombardi, D. R. (2015). The Current State and Future of the Audit Profession. American Accounting Association, 9(1), 10-16. doi:10.2308/ciia-50988.
Public Company Accounting Oversight Board. (2017). Public Company Accounting Oversight Board.
Washington DC: Public Company Accounting Oversight Board.
Public Company Accounting Oversight Board. (2017). Standard-Setting Update. Washington DC: Public Company Accounting Oversight Board.
Securities Exchange Commission. (2017). Release No. 34-81916; File No. PCAOB-2017-01. Washington DC: Securities Exchange Commission.
Attachment:- Current Issues in Accounting.rar