You have been asked to make a presentation in your Internationa Business class about how globalization is impacting the auditing profession. In preparation, you met with your auditing professor and discussed these questions:
a. What organization is responsible for establishing auditing standards internationally?
b. What organizations are responsible for establishing U.S. auditing standards used
by CPA firms when auditing financial statements prepared by organizations based
in the U.S.?
c. To what extent are AICPA auditing standards and international auditing standards
similar?
d. What is the process the AICPA Auditing Standards Board (ASB) uses to develop
AICPA auditing standards?
e. To what extent are PCAOB auditing standards impacted by international standards?
f. What auditing standards should an audit firm follow when they audit a client located
in a foreign country that is listed on both a foreign stock exchange and a U.S. stock
exchange?
Briefly outline key points that you would make in your presentation to address these
questions.
