Who should set accounting standards? A government agency or private body such as the FASB?

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the  development of…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: If L'Oso desires a 150% markup on production costs, what is the target cost for the new game? (…

A: Target Cost: A target cost is the maximum amount of cost that can be incurred on a product, however,…

Q: How does the scope of practice differ for governmental audits?

A: Given: The scope of practice differ from government audits.

Q: What is the Machiavellian approach to decision making?

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which International body issued the Code of Ethics for Professional Accountants? a. IESBA b. IFRS c.…

A: IESBA: The IESBA's goal is to offer the public interest by establishing ethics standards, such as…

Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…

A: There are different branch of accounting that help in the recording of transactions and analysis of…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: Name some of the governments’ regulatory bodies and discuss their role in disclosure.

A: Some government regulatory bodies are: Australian Securities and Investments Commission(ASIC):…

Q: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…

A: Internal Control:- It is the process effected by a company's board of directors , management ,…

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: what is the  purpose of the Generally Accepted Government Auditing Standards

A: Generally Accepted Government Auditing Standards (GAGAS) are issued by the Comptroller General and…

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: What auditing services do governmental auditors provide?

A:

Q: Which department is IN charge in overseeing the External Audit Activity?   Audit Committee Internal…

A:

Q: What is the policy function performed by bodies such as the FASB and the SEC? List and discuss the…

A: The Financial Accounting Standards Board (FASB) is an independent, private sector, not-for-profit…

Q: Why is it important for the internal audit department to be functionally reporting to the audit…

A: Internal audit plays a vital role in companies, probably now more so than ever, with their diverse…

Q: What provisions of the AICPA Council Resolution on form of organization place control of…

A:

Q: What rules must auditors follow for governmental audits?

A:

Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: What does the abbreviation GAAP stand for?   A) Advanced Principles of Government Accounting  B)…

A: The abbreviation GAAP stands for Generally Accepted Accounting Principles. These are a set of rules…

Q: What is the purpose of the Audit Committee?

A: Definition:   Audit committee: Audit committee is a committee formed to oversee the financial…

Q: you consider Government Accounti

A: Governmental accounting keeps strict control over resources while also categorizing operations into…

Q: What is the Committee of Sponsoring Organizations (COSO)?  Summarize its history and explain why it…

A: The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of…

Q: Discuss criticlly Should the disclosure of social and environmental accounting information be…

A: Social and environmental accounting information, also known as sustainability reporting, involves…

Q: Explain the relevance of the international accounting standards board in today's reporting…

A: Accounting Standard- The goal of international accounting standards is to generate efficient capital…

Q: What role has the Auditor General or similar person with similar responsibilities played in…

A: The United State General accounting Office (GAO) is referred to as "the legislative inspector" and…

Q: Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may…

A: Special purpose framework is a non-GAAP framework which is used for financial purposes and includes…

Q: Why is accounting said to be ‘political’ in nature? How can a conceptual framework help in the…

A: The concept of accounting was developed to record the economic transactions of the business…

Q: proaches taken by IASC and FASB in setting ac

A: Accrual Principles - This idea states that accounting transactions should be documented in the…