Auditors and their clients, take note: The standards that govern the auditing profession are getting a makeover.
Representatives from the Auditing Standards Board have announced a large-scale project in which the auditing standards will be revised so that they are easier to read and understand. According the AICPA, the most significant changes will be these:
Charles Landes, the AICPA’s vice president for Professional Standards and Services, says it will take anywhere from two to three years to complete the revised standards.
What do you think: Will the revisions clarify the auditing standards? Did they need revising in the first place?