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The Future Accounting/Reporting and Audit Reporting Model
We need to 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 in accordance with generally accepted accounting principles
- 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
We need to ultimately go global in connection with all major accounting and audit matters
We need to coordinate domestic efforts in the interim (e.g., auditing standards coordinating forum)