The PCAOB and the AICPA recently adopted new auditor reporting standards which are designed to make the standard audit report less informative for users.

Question

Quizplus · Accepted Answer

This statement is incorrect. The PCAOB and the AICPA adopted new auditor reporting standards in 2017 which are designed to make the standard audit report more informative for users by including more information relevant to the audit, such as critical audit matters and going concern uncertainties.

The PCAOB and the AICPA Recently Adopted New Auditor Reporting