This week is the third part of your Course Project. For complete details on the

This week is the third part of your Course Project. For complete details on the project please refer to the Course Project Introduction in Week 03.Financial Statements Prepared using Chinese and GAAP StandardsKobyashi Moru prepares two sets of financial statements; one set using Chinese standards and GAAP (as meager as those standards may be) and the other for use in the US attempting to conform to US GAAP. The Chinese financials contain a single footnote describing the accounting principles used in the original books of entry.Prepare an essay that describes how you should report on these two sets of statements in your final audit report. You will need to conduct research to prepare your essay.You will find significant scholarly research on this subject. Your sources should be cited using APA style for citation. You should also prepare a reference page that lists your sources.