A1) Briefly discuss what accounting standards are and explain their purpose.
(3 marks)
A2) Briefly explain what an external audit of financial accounts/reports is and explain its purpose.
(3 marks)
B) Given that we have accounting standards and external auditing, briefly discuss the need for a conceptual framework of accounting and explain the purpose it serves for regulators, preparers and users of financial reports.
(5 marks)
The word limit is 750 words.
You are required to ensure that your answer fits on no more than two (2) A4 pages. Please use the following font and paragraph settings:
Font: Times new roman
Font size: 12
Line/paragraph spacing: 1
Margins: Normal (2.54 cm on all sides)
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