P10Standards

P10Standards - 10. Standards for Accounting and Auditing...

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1 10. Standards for Accounting and Auditing Outline ¾ GAAP and GAAS ¾ Debates ¾ Arguments for and against accounting and auditing standards 2 ¾ Signalling with accounting choices
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2 December 14 2010 January 1 2011 Cdn GAAS All enterprises choosing or required to have an assurance report Cdn GAAS = IAS Type of reporting entity Cdn GAAP Publicly accountable enterprises Cdn GAAP Private enterprises ? Cdn GAAP = IFRS Cdn GAAP Not-for-profit organizations Cdn GAAP Public sector ? Cdn GAAP =IFRS GAAP and GAAS To the Shareholders of Magna International Inc. We have audited the balance sheets of Magna International Inc. … the statements of income and retained earnings and cash flows … These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with GAAS . Those standards require that we plan and perform an audit to obtain reasonable assurance
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P10Standards - 10. Standards for Accounting and Auditing...

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