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Do you think interim reporting enhances the quality of information or it distorts the quality of information?
Step by step
Solved in 3 steps
- Why is historical experience often a poor basis for establishing standards?What is a MIS report, why is it prepared?Which statement is incorrect concerning the constraint on relevant and reliable information? * A. Information may be relevant but so unreliable in nature or representation that its recognition may be potentially misleading. B. The balance between benefit and cost is a pervasive constraint which means that the benefits derived from the information should exceed the cost of providing it. C. If there is undue delay in the reporting of information, it may lose its relevance and reliability. D. In achieving a balance between relevance and reliability, the overriding consideration is how best to satisfy the economic decision-making needs of users.
- how do you reduce information risk in auditing ?Why are external documents considered more reliable evidence than internal documents? What aspects of internal documents would help to increase their reliability?Explain how materiality differs for failure to follow GAAP and for lack of independence. (Better explanation)
- What is the term given for information that should NOT be taken from one source as the collectors of the information may have collected this for a specific purpose? a. Accuracy b. REliability c. Completeness d. BiasDiscuss the objective of eliminating the receiving function.What accounting/audit problems need to be resolved?Explain how materiality differs for failure to follow GAAP and for lack of independence.
