Author Question: Many of the largest CPA firms are global and perform audits all over the world. Foreign countries ... (Read 36 times)

appyboo · **on:** Jul 5, 2018

Many of the largest CPA firms are global and perform audits all over the world. Foreign countries have different accounting and auditing rules than the United States.

If the CPA firm is performing an audit of a foreign company that trades its stock on a U.S. stock exchange, should the financial statements and the audit conform to U.S. generally accepted accounting principles and auditing rules or the foreign county's rules?
What will be an ideal response?

Question 2

Biometric identification systems identify authorized personnel through some unique physical trait such as fingers, hands, voice, eyes, face, or writing dynamics.
Indicate whether the statement is true or false

31809pancho · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

If a foreign company's stock is traded on a U.S. stock exchange, then the financial statements and the audits of the financial statements should conform to the U.S. rules. Otherwise, it would be very difficult for investors to understand the financial statements and to make comparisons with other U.S. companies.

Answer to Question 2

T