Difference between monetary and non-monetary items, Auditing

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Difference between monetary and non-monetary items

Assignment:

Part 1: MONETARY AND NON-MONETARY ITEMS

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

Part 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.

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Auditing: Difference between monetary and non-monetary items

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Auditing: Difference between monetary and non-monetary items

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