Chapter 1, Problem 1.11EYCT

The Government Accountability Office (GAO) describes expanded-scope governmentalauditing to include all of the following excepta. Financial statement audits.b. Attestation engagements.c. Compliance audits.d. Performance audits.

The GAAP hierarchy lists which source of authoritative accounting guidance as highest in priority?   a. AICPA Practice Bulletins   b. GASB Implementation Guides   c. GASB Technical Bulletins   d. GASB Statements

You are required to discuss and report on methodologies usedwhen conducting Financial Reporting Research under the U.S. GAAP Process in comparison with the requirements of IFRS

Explain how source data automation is used in the commerce and financial institutions

The AICPA has issued several audit and accounting guides for specialized industries. Do auditors have a responsibility to refer to these guidelines when auditing clients to those industries?

describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statement

“A key component of the Accounting Conceptual Framework (ACF) is the qualitative characteristics of useful financial information that includes relevance, faithful representation, and other enhancing qualities for identifying and disclosing financial information.” Requirements:  By reviewing IFRS 15 and/or IFRS 16, critically evaluate how accounting regulators and practitioners reflect the qualitative characteristics in practice. Your analysis may also highlight any advantages and challenges in respect of applying the qualitative characteristics in any context(s).  Your answer must clearly mention the IFRS(s) chosen and support your critical evaluation by drawing on evidence and arguments from credible, verifiable, and accessible sources e.g., peer-reviewed academic journals, professional publication, books etc.