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please answer the question accounting
NEW U.S. AUDITING REPORTING STANDARD
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 Companiesâ€™ Management.
- The Standard setters and regulators.
Please answer a clear answer.