I need the answer as soon as possible c) Your audit firm has been approached by ABC Ltd. for the external audit for the year ended 30 June, 2018. Whileplanning the audit, you have come out with the following information:i) The financial reporting framework for the company is GAAP while the applicable framework is IFRS.ii) The structure of the audit report is prescribed by industry law that is significantly deviated from the structureprovided by BSA.Requirement: Explain the implications of the above issues and your responsibility as an auditor.

Implications of the above issue: GAAP is the generally accepted accounting principles i.e…

Answered: Requirement: Explain the implications…

Business

Accounting

Requirement: Explain the implications of the above issues and your responsibility as an auditor.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

I need the answer as soon as possible

c) Your audit firm has been approached by ABC Ltd. for the external audit for the year ended 30 June, 2018. While
planning the audit, you have come out with the following information:
i) The financial reporting framework for the company is GAAP while the applicable framework is IFRS.
ii) The structure of the audit report is prescribed by industry law that is significantly deviated from the structure
provided by BSA.
Requirement: Explain the implications of the above issues and your responsibility as an auditor.

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