1)What are some of the reasons that a financial statement preparer would need to stay current with emerging and recently-issued guidance? 2) What are some reasons that an auditor might need to stay current? 30At what level should you, as a professional, begin to monitor emerging guidance? Why?

Answer:

Financial statement preparer have a huge responsibility of preparing financial statements of an organisation. Financial statements are image of an organisation and these need to be prepared with due care and deligence. Other rules and regulations must also be followed as prescribed by GAAP and IFRS.

Financial statement prepare would need to stay current with emerging and recently issued guidelines as these guidelines plays a huge role in the preparation of financial statements. Such guidelines are always issued to make the financial statements more reliable and easy to understand. Financial statement prepare is needed to be a breast here as his made financial statements would be the company's financial statements and would be the image of the company for every outsider such as an investor, creditors, stakeholder etc.

As in case of an auditor there are certain reasons that he need to stay current.
These are as follows :-

• Auditor is the one who audit company accounts and financial statements.
• Auditor certifies the company's financial statements so he need to be current with all the rules and regulation regarding to the financial statements.
• A person who is internal auditor is required to be abreast about every guidance because he suggests the company's internal controls and internal working of any company shows how the company works.

Professionals at every level i.e corporate level should be given to monitor emerging guidance as in today's emerging Technologies and use working environment the only one who is not up to date will always have more likely chances to become obsolete and same applies in the case of professionals.

Professionals will become obsolete if at early level they do not begin to monitor emerging guidance.