Business Finance Homework Help

In October 2017, the Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board’s (PCAOB’s) proposed rules requiring changes to the auditor’s report, AS 3101, ‘The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion’, along with related amendments to other auditing standards. AS 3101 represents the most significant change to American audit reports in more than 70 years.

Your Tasks:

First, read about the new audit standard through the PCAOB website. In addition to the standard, there are plenty of news articles and journal articles discussing the new standard. Then, in a 1 to 2 page Word document, address the following (Properly cite the sources when you use other people’s work in your writing):

• Find a public company’s 10-K (annual report) for the fiscal year ended after December 15, 2020. The independent auditor’s report for the company is included in the annual report. Compare that auditor report with the same company’s auditor report for the fiscal year ended before December 15, 2017 . Explain the new rules by describing the differences between two reports.
• Briefly discuss how the additional information on the new audit report can help information users of the financial statements.