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International Financial Reporting and Ethics Recognize ethical issues involved i

International Financial Reporting and Ethics
Recognize
ethical issues involved in financial reporting.
Assess
the cultural and social environment and the effect on ethical financial
reporting for multinational entities.
Distinguish
the differences between ethical and legal issues.
Recognize
the differences between IFRS and generally accepted accounting
principles (GAAP) and where they are applicable.
Communicate
professionally according to the expectations of the field of accounting.
Communicate
in a manner that is professional and in accordance with the expectations
of the field of accounting.
Instructions
Since more and more companies have
international components, an understanding of IFRS, international ethics, and
the international environment are essential to executing your duties regarding
international financial statements and audits.
Audit
firms are expected to establish and maintain a system of quality control.
PCAOB inspections often cite the lack of quality controls as a deficiency
of audit firms. What role does leadership play in developing the kind of
quality control system that supports ethical decision making in audits?
Explain
how the circumstances under each of the following might reflect failed
leadership by auditors and the audit firm:
Under-reporting
of time on an engagement.
Premature
sign-off on audit procedures.
Accepting
weak client explanations for accounting.
Moral
legitimacy refers to the generalized perception or assumption of
observers that the actions of an entity are desirable, proper, or
appropriate within some socially constructed system of norms, values, and
beliefs. Explain how moral legitimacy might be applied to assess the
actions of audit firms.

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