This research focuses on the examination of the auditing standards, applicable to companies listed on German New Market (Neuer Markt), a capital market for emerging companies. Those companies are required to prepare consolidated financial statements in compliance with generally accecpted accounting principles in United States (US-GAAP), or International Accounting Standards (IAS). In Germany, guidelines did not exist about how to audit the financial statements prepared in compliance with the different accounting standards. In the efforts to search for the role of auditing standards considering the trend of internationalization of accounting standards, it is important to make it clear the content of audit without such a guideline.
