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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What creates the demand for accounting standards and independent audits?

To determine

Explain the reasons that create demand for accounting standards and independent audits.

Explanation

Accounting standards: Accounting standards are the guidelines established for the measurement, recognition, presentation and disclosure of financial transactions and other events in the financial statements. It ensures the presentation and preparation of the financial statements by reporting entities according to the established standards.

Independent audit: Independent auditor is conducted by an external auditor who is certified and licensed to examine the financial statements of a public company, and assess the effectiveness of internal control processes, as per the accounting standards.

To resolve the issues arising from the biases in a self-reporting accounting system, the financial accounting information requires accounting standards and independent audits...

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