create a short response to this statement: Hi everyone, I think that accounting practices, particularly in light of various scandals and fraud cases that have occurred both in the United States and internationally. These incidents have prompted a closer examination of the frameworks governing accounting, including laws and standards. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Automated Systems Utilize accounting software and automated systems that provide greater accuracy and security in cash management. Use of Bank Deposits Encourage frequent bank deposits to minimize the amount of cash held on premises. This reduces the risk of theft and loss. Secure methods for transporting cash to the bank. These systems can include features like audit trails, automated reconciliations, and access controls. On the other hand, IFRS allows for more interpretation, which could potentially lead to inconsistencies. Accounting practices, potentially making accounting more transparent and adaptable to changing business environments. This move reflects a growing recognition of the need for flexibility in accounting standards while still ensuring that financial reporting retains its reliability and comparability. Thank you