Briefly explain in your own words the following: What does a balance sheet convey to readers? What makes a balance sheet useful? What are the limitations of a GAAP balance sheet? What role do disclosures play in communicating information to financial report readers? What extra disclosure requirements are there for SEC-registered entities? What is an audit? Who performs them? Why benefits from them? Who pays for them? What is in a typical audit report? What role do financial analysts play in the communication between entities and their stakeholders? How do they use financial reporting information? What high-level differences are there between US GAAP and IFRS balance sheets and disclosures