Compare and contrast the proposed standard IAASB 701 withSAS 115. Discuss what this new...

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Accounting

Compare and contrast the proposed standard IAASB 701 withSAS 115. Discuss what this new standard would mean from theauditor’s perspective. Research and prepare an audit planaddressing all required components that highlights the informationrequired to be presented in the new standard. (How would theauditor determine the information that needs to be disclosed?).Finally, please discuss whether or not adopting the new standardwill be beneficial.

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Solution This is the IAASB 701 standards deal with the auditors responsibility to communicate key audit matters in the auditors report Communicating key audit matters provides additional information to users of the financial statements to assist them in understanding those matters that in the auditors professional judgment were of most significance in the audit of the financial statements of the See Answer

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In: AccountingCompare and contrast the proposed standard IAASB 701 withSAS 115. Discuss what this new standard...Compare and contrast the proposed standard IAASB 701 withSAS 115. Discuss what this new standard would mean from theauditor’s perspective. Research and prepare an audit planaddressing all required components that highlights the informationrequired to be presented in the new standard. (How would theauditor determine the information that needs to be disclosed?).Finally, please discuss whether or not adopting the new standardwill be beneficial.