Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS) B) Generally Accepted Accounting Principles (GAAP) C) Internal Revenue Code (IRC) D) all of the

What are the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)? Do they have the similarities? Why?

Explain the content of each section of the AICPA audit report. Evaluate the importance of each section with respect to the users of financial reports.

Explain the main objectives of the audit of an entity’s financial statements and the importance of using standards when auditing financial statements.

A special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements. After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?

**Objective Question:** Which type of audit primarily focuses on ensuring that an organization complies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C) Compliance audit D) Forensic audit