Eight new standards rolled out by the Auditing Standards Board in 2006 are sparking a cultural shift for auditors.

The standards — Statement on Auditing Standards nos. 104 to 11 — are designed to enhance auditors’ responses to audit risk and materiality. The standards, which are effective for audits of private company financial statements for periods beginning on or after Dec. 15, 2006, are also intended to encourage auditors to focus on areas with the greatest risk of misstatement.

The Journal of Accountancy asked partners at three accounting firms to talk about ways in which the new guidance has affected their work.

Read the full article here to learn from their experiences and see how you can put the guidance into action today.