Are the accounting and auditing requirements of small (nonpublic) organizations different from those of large (public)...

Are the accounting and auditing requirements of small (nonpublic) organizations different from those of large (public) organizations? Support your answer with relevant examples.

Expert Solution

Accounting and auditing principles and requirements will not differ between a small and a large organisation. The standard will be applicable for all the entities. The size of an entity does not matter. The accounting principles will be applicable as it is for all. And the requirement and performance of audit will be the same process and will not depend on the size of the corporation.

However, for large corporations there will be more requirements to comply with than for small corporations. The revenue earned matters here. If the revenue crossed a certain limit there will be some more requirements added to your list to comply with.

ekkarill92 answered 2 years ago

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