Assignment 2 “The Impact of the Convergence of IFRS and GAAP on Auditors”
Write a three (3) page paper in which you:
1. Create an argument for or against the IFRS and GAAP convergence process versus a pure adoption of IFRS in the context of impact to the public accounting profession.
2. Assess the cost impact to a business related to the IFRS and GAAP convergence, the risks and rewards to business for adopting IFRS, and the related impact to the auditing profession.
3. Make an argument as to what action might protect the auditor from an investor lawsuit when IFRS is not reconciled to GAAP. Support the argument with evidence or examples.
4. Predict the future of the auditing professor after IFRS and GAAP convergence is complete. Provide a rationale with your response.
5. Use at least three to four (3 to 4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements: