Updating quality management standards: What auditors need to know

There are two committees working on developing new quality management standards for auditors. Neil Amato talks to Sara Lord, CPA, the chair of one of those committees, about the feedback they are receiving, how the new standards incorporate a risk-based approach, and the next steps in the process. Also, Drew Adamek reviews a new study about ESG assurance opportunities and explores the potential tax implications of LIFO inventory interruptions due to COVID-19.