As a senior auditor in Audit Firm, you are required to brief new incoming junior auditors which was newly joint the company recently. The morning briefing usually meant for all the staff in Audit firm to refresh accounting knowledge, but for this season, attendance are only for the new staff only, the issues are as follows:-

1. The difference between Malaysia Accounting Standard Board (MASB) and International Financial Standard Board (IASB).

2. What is General Accounting Acceptance Practice (GAAP)?

3. Explain types of accounting concepts in accounting.

4. What is petty cash and its importance and impact to financial statement?

After completed the morning briefing, you are required to write a REPORT to The Manager explaining to him on the issues that has been brief to the new auditors