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Understanding of accounting standards and principles

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Reference no: EM13491795

Details: For the BakFirn Corporation, an accounting audit of accounts payable, vendor invoices, and inventory material acceptance is in progress. You notice that the three-way-match of pricing, amount, and units is not matching. You go to your next-level supervisor-the supervisor of the audit firm YOUCPA-and the supervisor informs you that you do not need to worry so much because they are not within the materiality amounts. He requests that you complete the outside audit as quickly as possible; the firm is under a tight budget with this client.

• What do you believe your response should be in this situation?

• Explain your reasoning.

• Develop a thorough understanding of accounting standards and principles.

• Fulfill the core accounting educational requirement to sit for the CPA exam.

• Prepare to practice in public and private accounting position.

Reference no: EM13491795

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