Interrupted by World War II, the Committee on Auditing Procedure, forebear to today's Auditing Standards Board, responded in the late 1940s to the SEC's 1941 call for auditing standards. The first nine standards were approved by AICPA member vote in 1948, a tenth was adopted by member vote in 1949, and few changes have been made to the standards since.

Required: 

You are the engagement partner for the financial statement audit of a publicly traded software producer The CFO has asked how your profession's standards—presumably, the profession's measures of quality for a financial statement audit—could possibly be responsive to an information age client, given that the standards were produced half a century ago. Discuss.