Take a high-level look at the recent activities of FASB, as well as the Auditing Standards Board of the AICPA. Review the impact of the new standards and how you can prepare to implement them in a practical way. Ensure you are aware of the major changes out there and can identify which changes may impact you so you can do further research. Also discuss the Audit Quality Initiative of the AICPA and some of its recent quality findings.
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