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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
A number of factors influence the sample size for a substantive test of details of an account balance. All other factors being equal, which of the following would lead to a larger sample size?
Discuss the difference between general controls and application controls. Provide an example of a policy on internal controls. How might a policy on internal controls be communicated to employees?
AIN is a financial planning firm which has an accounts receivable balance of $97,600. AIN uses the direct write-off method for bad debt. AIN determined that one of its clients which owes $7,300 has filed bankruptcy.
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?
Please explain the importance of the internal controls necessary to account for cash, purchases, and sales?
There are three stages of the audit in which analytical procedures are performed. Identify one of these three stages and discuss the purpose of performing analytical procedures in that stage.
Carol Stokke receives her April 6 bank statement showing a balance of $859.75; her checkbook balance is $954.25. The bank statement shows an ATM charge of $25.00, NSF fee of $27.00, earned interest of $2.75, and Carol's $630.15 refund check, which..
Describe your responsibilities related to unadjusted misstatements that management has determined are immaterial individually and in the aggregate. Assuming this company is a public company, describe how the noted adjustments might impact your aud..
Present a recent example of fraud with non-cash assets or fraudulent reimbursement. Be sure to answer the following questions in your paper:
Audit of general motors revenue. Each car and truck has an invoice on the window and is in GM's computer system, and that 8 million cars and trucks were sold.
There are several different professional codes of conduct. How does an accountant or auditor determine which code of conduct to follow? Provide examples.
What is meant by planned detection risk? What is the effect on the amount of evidence the auditor must gather and evaluate when planned detection risk is increased from medium to high?
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