International Accounting
5th Edition
ISBN: 9781259747984
Author: Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio
Publisher: Mcgraw-hill Education,
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Chapter 11, Problem 11EP
To determine
Comment on the problems faced by the IFAC (International Federation of Accounts) in harmonizing auditing standards across different countries.
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What are some advantages of international harmonization of audit standards? List and briefly discuss at least 3 such advantages
Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards Committee-Statement on Auditing Standards and the PCAOB-Auditing Standards). Be certain to identify when each system used.
Provide the objectives for a successful audit program according to ISO9001:2015
Chapter 11 Solutions
International Accounting
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- The general objectives of international auditing standards a. Defining the responsibilities B. audit range C. Enhance the degree of scrutiny D.all of the above 9:45 AM ✓arrow_forwardHow does the role of the SEC differ from that of the AICPA? Contrast the roles of the AICPA and the PCAOB in the development of auditing standards.arrow_forwardA uniform set of auditing practices should be established (GAAS). What is the purpose of GAAS?arrow_forward
- 1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the standard - setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?arrow_forwardYou are undertaking an audit programme. Discuss teh roles and responsibilites that the lead auditor would undertake when managing the audit program. according to ISO19011:2018arrow_forwardElaborate or explain the following: International Internal Audit Standard 2040. International Internal Audit Standard 2340. International Internal Audit Standard 2330 A.1 and 2330 A.2 International Internal Audit Standard 2330 C.1 International Internal Audit Standard 2440.A2arrow_forward
- ABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate risks to an acceptable level is part of which component in the COSO Framework? a. Control environment b. Risk assessment c. Control activities d. Monitoringarrow_forwardUnder IFRS, the role of the conceptual framework: Multiple Choice Primarily involves guiding standard setters to make sure that standards are consistent with each other. Includes serving as a guide for practitioners when a specific standard does not apply. Is less important than in U.S. GAAP. Has resulted primarily from a con rgence with U.S. GAAP.arrow_forwardWhat is the objective of Statement on Auditing Standards No. 99?arrow_forward
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