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What are the types of differences that exist between US GAAP and IFRS. In addition to just identifying the U.S. IFRS/ GAAP differences though, please show the status of convergence with respect to those differences.
The kinds of differences that exist between IFRS and U.S. GAAP can be classified as:
• Definition differences
• Measurement differences
• Recognition differences
• Differences in allowed alternatives
• Presentation differences
• Differences in (lack of) guidance
• Disclosure differences
What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division of a company from within?
How can a purchasing manager use his/her position to defraud the company? What can be done to prevent it? Where could an auditor look to find evidence of losses on purchase commitments and unrecorded liabilities to vendors?
Accounts are closed and adjusted at the end of the year. Accounts receivable has a balance of $350,000 and the allowance for doubtful accounts has a balance of $15,000. What is the net realizable value of the accounts receivable?
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why don't people rush to the bank and retrieve their money? How do banks prevent panics from occurring?
Which of the following describes the internal control component "monitoring of controls"?
Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
What are the advantages and disadvantages of the primary types of auditors? Which type interests you the most? Please explain.
A bank branch must keep a stock of cash on hand for customer withdrawals. The net daily withdrawal rate at the branch is $5,000. The opportunity cost of cash is 10% per year.
What general types of subsequent events require consideration and evaluation? What auditing procedures should he consider performing to gather evidence about subsequent events?
You are required to identify a current controversy relating to Auditors' Independence.
Why is the Code of Conduct important to the profession? Many professionals believe that in today's business environment it is more difficult to adhere to the Code of Professional Conduct. Why might this be true?
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
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