Week 1 Discussion

In: Business and Management

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What are the advantages and disadvantages of the primary types of auditors? Which type interests you the most? Explain.

The most common primary types of auditors are certified public accounting firms, government accountability office auditors, internal revenue agents, and internal auditors. CPAs are licensed to express audit opinions on financial statements and are used as independent or external auditors. I’m not currently aware of any disadvantages of being a CPA. GAO auditors work for the federal government and report directly to Congress. In many states GAO audit experience fulfills the experience requirement to be a CPA. Due to vast experience and the scope of their job auditing the federal government, GAO auditors are highly regarded. On the other hand, the immensity of the job maybe isn’t for just anyone. IRS agents enforce federal tax laws to ensure compliance in tax returns. It might seem a simple matter to generally focus on one type of audit, however, the tax laws are complicated and contain hundreds of volumes of interpretations. Internal auditors are employed by individual companies to audit for management. Experience in internal auditing often leads to CPA or CIA certification. One problem with internal auditors is lack of independence. Although they report directly to the president, or other ranking authority, they cannot be entirely independent due to the employer-employee relationship. As a result, external auditors are sometimes hesitant to rely on internal audit reports due to this lack of independence.

Why is it important to understand the difference between an originating temporary difference and permanent difference in a company? Explain if this concept is relevant for personal finance.

An originating temporary difference is the initial difference between the book basis and the tax basis of an asset or…...

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