The Securities and Exchange Commission's recent moves to consider embracing International Financial Reporting Standards could eventually change U.S. financial report as audit committees know it. The following Q&A, "What Does a New World Accounting Order Mean for Audit Committees?" by KPMG's Audit Committee Institute, features former FASB Chairman Denny Beresford (one who currently chairs several audit committees). The feature is published with KPMG's permission.