please answer the question accounting


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.

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