The Future Audit Model
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The Future Audit Model
In modernizing audit reporting we need to
determine whether “generally accepted” is the appropriate framework versus “authoritative accounting principles” that could be used when the “generally accepted” framework may not provide a full and fair representation in the view of the auditor
review and revise the existing audit reporting model to accomplish at least two objectives:
- recognize that the opinion should address whether the financial statements are fairly presented in all material respects and prepared in accordance with authoritative accounting principles promulgated by FASB, FASAB, IFAC, and others, applied on a consistent basis
- update the audit reporting model to link it with the new financial reporting model, and provide appropriate degrees of assurance for each type of information
ultimately go global in connection with all major accounting and
audit matters
coordinate U.S. and domestic efforts in the interim
