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Contributing to the improvement of auditquality worldwide, the International Federationof Accountant's (IFAC), and InternationalAuditing and Assurance Standards Board (IAASB)used to propose new standards to helpauditors effectively identify and address audit risks. Onan international level, the proposed newguidance represents significant changes to thestandards governing audits of financialstatements.
Requirements: -
A. Explore any reforms in the existing auditing standards which have brought significant impacts upon the audit quality world wide during the past five years. (explore at least 10 standards' reforms)
B. Generate a review upon each of the auditing standards which you explore that should enlighten your own perception andopinion. It should include thefollowing aspects:
a. Brief summary of the auditing standard
b. What are the actual impacts ofspecific changes in auditing standards?
c. Your suggestions for further improvements in a particular auditing standard.
C. References of the information sources.
At the December 31, 2010 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and
With this system it is estimated that 120 cars per hour can be serviced. All workers earn the minimum wage. Use productivity arguments to recommend whether or not to change the current system.
Collect the 4 main financial statements from credible sources (newspaper, peer-reviewed journals, investor relations, web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle.
Elly, whose husband died in Dec. 2009, maintains a household in which her dependent daughter lives. What is her filing status for the tax year 2009? (Note: Elly is the executor of her husband's estate.)
Brown Enterprises' bonds currently sell for $1,025. They have a 9-year maturity, an annual coupon of $80, and a par value of $1,000. What is their yield to maturity?
Payments by a cash basis taxpayer of capital expenditures: a) must be expensed at the time of payment b) must be expensed by the end of the first year after the asset is acquired
In the company's first year of operation, no dividends were paid. During the second year, Ten Sports paid cash dividends of $50,000. This dividend should be distributed as follows:
Explain how the process compares to an acquisition (or should we say Statutory Merger) when the acquired subsidiary is dissolved in the year of acquisition.
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
The Rushing Construction Company obtained a construction ontract to build a highway and bridge over the Snake River It was estimated at the biginning of the contract that it would take three years to complete the project at an expected cost of $50..
What is the expected return of this asset? What is Esperanza's expected utility? What is her certainty equivalent? Suppose that Esperanza can purchase insurance that guarantees her a return of $4900 regardless of the return on the asset.
On December 31, 2006, Crawford Co. estimated that 1.5% of its net sales of $400,000 will become uncollectible.The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May 11, 2007, Crawford Co.
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