Reference no: EM131853797

Question: Course Project Paper Outline

Title: • 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