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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
Briefly describe independent auditors concept of materiality - what are some common measures of materiality with respect to income, sales, and total assets?
What changes could be introduced to further improve auditor independence and discuss the nature of professional scepticism and summarise the problems identified by the ASIC inspection program.
What was the total amount of bad debts expense recognized during the year? Explain the term "net realizable value" as it relates the presentation of Accounts Receivable on the Balance Sheet.
Identify the factors that would affect the preliminary assessment of inherent risk and control risk at queen island dairy and explain how these factors would influence your choice between the predominantly substantive approach
At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and m..
Fiber Technology, Inc. manufactures glass fibers used in the communications industry. The company's materials and parts manager is currently revising the inventory policy for XL-20, one of the chemicals used in the production process.
Describe how you would recruit for applicants for this position. You should consider internal as well as external candidates. What specific assessments would you use? Include names, sources, costs, psychometric properties and rationale. Use the int..
Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products common-size statement, and the second column should show the industry averages.
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
The inventory balance is material, however, you have found that controls over inventory are good, and that there is a low risk of misstatement for this asset. What type of audit report would you issue, and why?
Your medical office has decided to audit all medical records for government compliance. As a medical office manager, you must utilize research to complete an operational plan for the audit as well as write up the tasks and policies that result from y..
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
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