New Audit Standard

First, read about the new audit standard through the PCAOB website. In addition to the standard, there are plenty of news articles and journal articles discussing the new standard. Then, in a 1 to 2 page Word document, address the following (Properly cite the sources when you use other people’s work in your writing):

  • Find a public ‘large accelerated filer (Click! for the definition)’ company’s 10-K (annual report) for the fiscal year ended after June 2019. Compare that with the same company’s auditor report for the fiscal year ended before December 2017 . Explain the new rules by describing the differences between two reports.
  • Briefly discuss whether/how the additional information on the new audit report can help information users of the financial statements.

PCAOB Website: https://pcaobus.org/oversight/standards/auditing-standards/details/AS3101

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