Multinational Corporations And The Standards Of Their Home Country That Have More Than One Way For An Issue

1397 Words6 Pages
1A The factors that have led to the convergence include, multinational corporations are starting to use the accounting standards of their home country that might have more than one way for an issue, IASC has gained encouragement to create standards for transparent reporting and applicably consistently and consistently with the world, standard setters for securities and nationally are finding standard setters for other standard setters. 1B The auditor helps assure that accounting standards are be applied correctly all the time. The auditors are expected to be independent and use high quality procedures. The auditor will have to have training in IASC rules to be able to interpret 1C The elements of this infrastructure are high quality accounting setters and auditing standards, effective controls of worldwide audit firms, profession-wide quality assurance and an active regulation authority. 1D The elements of the quality control practices and procedures applicable to a firm’s accounting and auditing that should be included are monitoring the company, accepting and continuing clients, gauging engagement performance, having the qualities, independence, integrity, and objectivity, proper training and supervision of employees. 2A The principal objectives of the IFRS Foundation are helping financial users to make good decisions through transparency of the company. IFRS increases the information provided to investors by strengthening accountability of the investee IFRS help markets
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