Do you agree with the assertion that “accounting can lead to perceptions of reality”? Why or why not? In deciding whether to adopt a proposed accounting standard, should accounting rule-making bodies consider whether that standard might induce socially irresponsible behavior on the part of economic decision-makers? Defend your answer.
Answer to relevant QuestionsDo you believe that there has been a significant shift or evolution over the past several decades in the concept of “professionalism” as it relates to the public accounting discipline? If so, explain how you believe that ...In general, what responsibility do auditors have to investigate whistleblower allegations that relate to the material accuracy of an audit client’s financial statements?Under what circumstances is an inventory rollback or roll-forward typically performed? How valid is the evidence yielded by this audit procedure? Explain.Identify the key challenges that the Big Four firms will likely face in their efforts to establish a major presence in the Islamic banking industry.Define each of the following types of professional services: consulting services, attestation services, agreed-upon procedures engagements, and assurance services. Explain how, if at all, these services overlap.
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