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763 Words Mar 2nd, 2014 4 Pages
Christianity assumes that our human nature is fundamentally and thoroughly flawed by sin, to the point where a divine miracle of grace is needed to allow us to trust Christ as Savior. Most people in Western cultures, however, do not consider themselves to be sinners and therefore feel no need for a Savior. Comment on this in the light of the detailed accounting rules and regulations intended to prevent investors from being defrauded, and the multi-billion dollar worldwide auditing profession that is intended to add credibility to financial statements. As a Christian, I understand that it is God’s saving grace that keeps me on a daily basis. If it was not for this undeserved grace, I do not know where I would be. Most people do not …show more content…
Auditing is a tool that helps add credibility to financial statements because there is a neutral third party that reviews financial statements to ensure that the corporation is acting in a manner that will benefit the investor and not harm them. In this same manner, a Christian’s life is supposed to add credibility to the body of Christ. We cannot expect people to trust us or our beliefs if we are acting in a way contrary to what we are teaching.
Discuss the move by the SEC towards using international accounting standards (IAS). Do you believe that the use of IASs will make it easier for investors in a global economy, or do you think the SEC is abdicating our national sovereignty to foreign regulators?
The globalization of business activity has resulted in the need for a uniform set of accounting rules in all countries. With U.S. corporations doing so much business in other countries, it is imperative that the SEC and international regulatory boards devise a set of rules and regulations that would benefit both parties. If this did not happen, international companies would be able to do whatever they wanted without repercussion because of the discrepancies in the differing sets of rules. Accomplishing this universal set of rules would allow companies to list securities in any market without having to prepare more than one set of financial statements. There have been so many

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