Auditors need only understand the rules of accounting as the principles of accounting are outdated.

Question

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Auditors still need to have a strong understanding of the principles of accounting, such as the matching principle and the accrual principle, in order to properly evaluate a company's financial statements and ensure their accuracy. While there may be updates and changes to specific accounting rules, the underlying principles remain relevant and important.

Auditors Need Only Understand the Rules of Accounting as the Principles