OVERVIEW

In any book on Sarbanes-Oxley, it is important to take a look at the changes that have occurred in auditing from multiple perspectives. From my point of view, I think it was about time for new rules and standards. Not everyone will agree, but one thing is clear: it is a different ball game. The only constant that I see is that there will be continuing changes emerging as the business world and the accounting profession struggle to cope with their new environment and rules of engagement.

This chapter will help to clarify how the rules are set for complying with the new standards of governance. We will take a look at where we are and also attempt to gain some sense of the future. This journey will help to clarify the new auditing standards and accounting principles and to answer some of the questions that have been gnawing at the back of people's minds. There are multiple facets of the legislation that businesses, managers, directors, and auditors need to understand as they evaluate risk and make decisions. It is not the same old standard, and more changes can be expected as the initial compliance efforts begin to unfold. We will start with the new independent oversight body and move forward from the rule setters to how auditors will apply the new standards and what might be in store for us in the future.