What makes industries specialized is that they are likely either to have specific financial reporting standards applicable
Question:
What makes industries specialized is that they are likely either to have specific financial reporting standards applicable to them or to have distinct accounting policies developed to account for specialized transactions and balances based on the normally-applied financial reporting standards. For each of the following sectors, discuss the distinct accounting policies or financial reporting standards developed to account for the specialized transactions
A. Banking
B. Agriculture
C. Oil extraction
2. The audit of a client in a specialized industry can pose some challenges to the audit firm. What are the consideration when auditing clients in a specialized industry? Discuss each briefly
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley