Questions from Auditing and Assurance

Q: Identify the advantages and disadvantages of rules-based versus principles-

Identify the advantages and disadvantages of rules-based versus principles-based accounting standards.

Q: Where does the researcher find a. Authoritative sources?

Where does the researcher find a. Authoritative sources? b. Nonauthoritative sources?

Q: What are the SEC accounting authorities? Where are they located?

What are the SEC accounting authorities? Where are they located?

Q: Describe the rule-making or due process procedures of the FASB

Describe the rule-making or due process procedures of the FASB in the establishment of a standard.

Q: List and describe three common SEC forms.

List and describe three common SEC forms.

Q: List and describe three SEC regulations.

List and describe three SEC regulations.

Q: What is the typical search process in a database?

What is the typical search process in a database?

Q: What is the IFRS hierarchy? Explain.

What is the IFRS hierarchy? Explain.

Q: Explain the three conditions that the U.S.-SEC offered

Explain the three conditions that the U.S.-SEC offered for accepting international accounting standards.

Q: Describe the due process procedures of the IASB in the establishment of

Describe the due process procedures of the IASB in the establishment of a standard.