week 2 discussion

UNIT 2: MONETARY AND NON-MONETARY ITEMS

What is the difference between monetary and non-monetary items? How does inflation impact each of these?

UNIT 2: COMPILATIONS AND REVIEWS

Give a brief definition of a compilation and a review performed in accordance with SSARS. Include the type of assurance provided. Also describe one difference in the auditor's procedures when conducting a review under SSARS versus a review of interim financial information conducted under auditing standards.