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Compare and contrast the AICPAs rules against the rules used ininternational audits under the International Ethics Standards Boardfor Accountants (IESBA).

What does independence mean in an auditing context?

Compare and contrast in fact and in appearance, and illustratetheir differences.

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Reid Wolff
Reid WolffLv2
28 Sep 2019

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What does independence mean in an auditing context? Compare andcontrast in fact and in appearance, and illustrate theirdifferences.

Compare and Contrast Audit Procedures and Reporting

Instructions:

In a paper, compare and contrast audit procedures and reporting within a business context. Include the following:

1- Discuss the different audit reports. Under what circumstance is each report used?

2- Outline the auditor’s code of professional conduct and independence in relation to the audit reports.?

3- What specific information would be examined during an audit that would require analytical procedures?

4- Include test examples of the cash and collection cycle?

Support your paper with minimum of seven (7) resources.

Length: 13 pages not including title and reference pages, with diagrams as needed.

The United States requires financial statements to be prepared under GAAP but most every other country utilizes the international Financial Reporting Standards (IFRS). For many years the United States has been working toward converging GAAP rules with IFRS so that companies could have one set of rules that would apply to every county when issuing their financial statements. There are still some major differences between GAAP and IFRS. Intangible assets is one of the differences, provide an explanation of the difference in detail including what financial statements would be affected and how it would affect financial statements if we were to change our rule to match IFRS. Citations please.

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