The convergence between U.S. GAAP and IFRS will put an end to the LIFO method of inventory valuation. The result will be tax implications for many companies, but also a more accurate representation of costs.
Over the years I got very used to family and friends telling me they had no idea what I do for a living. When I applied for audit roles at accounting firms they also didn't know where I fit!
Audits aren't just about ticking boxes, a lot different skills are need to conduct them properly. One of the biggest skill sets you need are soft skills which can help make your audit results stronger