In July 2013 the International Auditing and Assurance Standards Board (IAASB) issued a Request for Comments on a proposed new International Standard on Auditing – ISA 701. This standard is titled Communicating Key Audit Matters in the Independent Auditor’s Report. The current US standard in this area is SAS 115. This newly proposed standard has been written in response to the request from readers of the financial statements to provide more relevant information in the auditor’s report in light of the recent global financial crisis. The new standard would require the auditors to describe critical matters more clearly to the readers of the financial statements.
Compare and contrast the proposed standard IAASB 701 with SAS 115. Discuss what this new standard would mean from the auditor’s perspective. Research and prepare an audit plan addressing all required components that highlights the information required to be presented in the new standard. (How would the auditor determine the information that needs to be disclosed?). Finally, please discuss whether or not adopting the new standard will be beneficial.
Must be 12 to 14 double-spaced pages in length (not including title and references pages) and formatted according to APA style
Must include a separate title page with the following:
Title of paper
Must use at least 10 scholarly sources in addition to the course text. A minimum of five must be from the Ashford Online Library.
Must document all sources in APA style as outlined in the Ashford Writing Center.
Must include a separate references page that is formatted according to APA style as outlined
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