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.
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
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!