What are the quality information with regards to financial reporting?

Q: Discuss the role of GAAP in financial reporting

A: Generally Accepted Accounting Principles (GAAPs) are the accounting procedures or standards that lay…

Q: Explain the major component of financial system?

A: The financial system is critical to the functioning of the economy because it facilitates the flow…

Q: What purposes are served by a comparative study of financial statements?

A: Purposes served by comparative financial statements:Comparative financial statements analysis the…

Q: Discuss the concept of going concern and its impact on financial statement preparation and…

A: In simple words, a financial statement is a document or report that provides information about the…

Q: Explain why consistency is important in financial reporting.

A: Consistency in Financial reporting means applying the same accounting principles, methods and…

Q: is XBRL Taxonomy? How do you as a preparer of financial statement use the XBRL Taxonomy in locating…

A: XBRL is a global not-for-profit collaboration that governs an open international standard for…

Q: financial assertion

A: Financial assertions are statements made by management in an an assertive way regarding the items in…

Q: Which fundamental characteristic of GAAP requires that all information useful for decision making is…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: Explain an example of objective of financial reporting.

A: Hi since examples cannot be used to explain the objectives of financial reporting. It is assumed…

Q: Conceptual framework underlying financial reports

A: The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the…

Q: List and explain the objectives of Financial Reporting.

A: Financial reporting is providing detailed financial information to all relevant parties on the…

Q: The fundamental & enhancing qualitative characteristics of financial information?

A: Characteristics of Financial Information: It refers to those characteristics which financial…

Q: Explain how to encourage high quality of financial reporting.

A: High quality of financial reporting is an amalgamation of many factors which involve financial…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.