Contributing to the improvement of auditquality worldwide, the International Federationof Accountant's (IFAC), and InternationalAuditing and Assurance Standards Board (IAASB)used to propose new standards to helpauditors effectively identify and address audit risks. Onan international level, the proposed newguidance represents significant changes to thestandards governing audits of financialstatements.
Requirements: -
A. Explore any reforms in the existing auditing standards which have brought significant impacts upon the audit quality world wide during the past five years. (explore at least 10 standards' reforms)
B. Generate a review upon each of the auditing standards which you explore that should enlighten your own perception andopinion. It should include thefollowing aspects:
a. Brief summary of the auditing standard
b. What are the actual impacts ofspecific changes in auditing standards?
c. Your suggestions for further improvements in a particular auditing standard.
C. References of the information sources.