Many of the Largest CPA Firms Are Global and Perform

question 77

Essay

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?

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Definitions:

Autonomous

Having the freedom to govern oneself or to act independently without being controlled by others.

Abstract

A summary of a research paper or article, or relating to ideas and concepts not physically present or observable.

Emotional

Pertaining to feelings or expressions of sentiment, which can influence thoughts, behavior, and physical states.

Practical

Concerned with the actual doing or use of something rather than with theory and ideas; focused on real-world applications and outcomes.