Accountants Should Prepare Now for New Auditing Standards
- Published on Monday, 22 October 2012 16:10
- Written by Mike McClain, Web Editor
A modification of America’s generally accepted auditing standards, or GAAS, will soon have a significant impact on audit and attestation engagements undertaken by Certified Public Accountants. Although the goal of the “clarified standards” is to make GAAS easier to read, understand and apply, the new modified standards establish a higher “standard of care.” A failure to meet these modified standards could increase a practitioner’s exposure to legal liability.
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