Q1-The auditor’s independence rules also apply to covered members. Who are covered members? List and describe 4 covered members

Q2- Summarize the auditor’s professional responsibilities.

Q3- How does materiality affect the audit of financial statements and reporting decisions?

Q3 -In response from the outcry from the public, several countries have enacted a new Auditing Standard. The U.S. has also enacted a new audit reporting standard.

A.What type of companies does the new U.S. Audit Reporting Standard apply to?

B.When does the Standard become effective?

C.What are the major components of the new U.S. Standard?d.What impact will the new Standard have on the following parties:

i.The Financial Statement Users.

ii.The Auditors.

iii. The Companies’ Management.

iv. The Standard setters and regulators