International Accounting
5th Edition
ISBN: 9781259747984
Author: Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio
Publisher: Mcgraw-hill Education,
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Question
Chapter 11, Problem 10EP
a.
To determine
Explain the difference between the audit regulation mechanism in Country U and in Germany.
b.
To determine
Explain the difference between the audit regulation mechanism in Country U and in Country UK.
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Students have asked these similar questions
How does auditing differ in the global
environment? If the US publicly traded companies
are required to have their financial statements
audited by firms registered and inspected by the
PCAOB, what are the implications if the foreign
governments will not allow PCAOB inspectors into
these audit firms?
Discuss how the setting up of the AOB can enhance the audit quality in Malaysia.
For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, U.S. generallyaccepted auditing standards, or PCAOB auditing standards.a. An audit of a U.S. private company with no public equity or debt.b. An audit of a German private company with public debt in Germany.c. An audit of a U.S. public company.d. An audit of a United Kingdom public company that is listed in the United States andwhose financial statements will be filed with the SEC.e. An audit of a U.S. not-for-profit organization.f. An audit of a U.S. private company to be used for a loan from a publicly traded bank.g. An audit of a U.S. public company that is a subsidiary of a Japanese company thatwill be used for reporting by the parent company in Japan.h. An audit of a U.S. private company that has publicly traded debt.
Chapter 11 Solutions
International Accounting
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Similar questions
- 1. Mention the qualification of external auditor in USAarrow_forwardWhich of the following is the regulation on Auditors at the International Level? (i) Setting minimum standards and requirements for auditors (ii) Providing guidance for those countries with well-developed national regulatory framework (iii) Aiding intra-country recognition of professional accountancy qualification Only i Only ii Both i and iii Both i and iiarrow_forwardNOTE: PLEASE TAKE YOUR TIME AND ANALYSE THE QUESTION VERY WELL. PROVIDE DETAILED INFORMATION ANSWERS AND INFORMATION AS YOU SOLUTION. THANK YOU. Current rhetorical discourse suggests that public sector auditing practices in Ghana are merely symbolic rather than substantive. Some advocates have suggested that in its current state, public sector auditing only leads to a. Blame allocation b. Blame avoidance c. Or its purification thereof Use actual examples within the public sector accountability (rules, policies, laws, practices) framework in Ghana to analyse the veracity of the about claim. In your response, express your opinion, based on sound reasoning, about a. The continuous relevance of auditing practices to public sector accountability despite the growing scepticism. b. Whether the current scepticism is justified. c. How the current public sector accountability framework engenders or inhibits the relevance of auditing. Also, proffer solutions to the current challengesarrow_forward
- distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible to set these standards in the U.S.?arrow_forward7) Compare and contrast between external audit and internal audit in the public sector. 8)The scope of public sector audit extends beyond that of private sector audit in a number of ways'. Discuss this statement. 9)Find the latest available Audit Report published on the website of the National Audit Department. Identify one issue raised by the Auditor General. Discuss this issue in class. You can use either Audit Report for Federal Government or any of the State governments. 1o) Identify international organisations related to audit in the public sector and briefly describe their functionsarrow_forwardFor each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing standards. An audit of a U.S. private company with no public equity or debt. An audit of a German private company with public debt in Germany. An audit of a U.S. broker-dealer registered with the SEC. An audit of a United Kingdom public company that is listed in the United STates and whose financial statements will be filed with the SEC. An audit of a U.S. not for profit organization An audit of a U.S. private company to be used for a loan from a publicly traded bank. An audit of a U.S. public company. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan.arrow_forward
- Globalization demands a single set of high-quality international accounting standards. Some elements: Select one: O a. Single set of high-quality accounting standards established by a single standard-setting body. O b. All the above O. Common disclosures. O d. Consistency in application and interpretation. e. Common high-quality auditing standards and practices.arrow_forwardWhich of the following is not a problem caused by diversity in accounting practices across countries? Multiple Choice Comparing companies in the same industry that are headquartered in different countries. Translating foreign currency balances into U.S. dollars. Converting local GAAP financial statements into U.S. GAAP for consolidation purposes. Maintaining separate accounting records in both the local and U.S. GAAP. Identifying and retaining personnel who are competent to prepare financial statements in both international and domestic accounting standards.arrow_forwardDiscuss the following topic(s) Discuss the internal audit functions in Malaysian public sector organisation.Discuss the internal audit functions in Malaysian private sector organisation.Give examples on the differences of the internal audit function between public and private sector organisation.arrow_forward
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