Questions from International Accounting


Q: Late in 2009, Canyon Power Company (CPC) management was

Late in 2009, Canyon Power Company (CPC) management was considering expansion of the company’s international business activities. CPC is an Arizona-based manufacturer of specialist e...

See Answer

Q: Developing a global business strategy for an MNC is a highly complex

Developing a global business strategy for an MNC is a highly complex task. Required: Briefly discuss the complexities referred to in the preceding statement.

See Answer

Q: Globalization has made cultural values irrelevant as a factor influencing multinational business

Globalization has made cultural values irrelevant as a factor influencing multinational business and accounting. Required: State whether or not you agree with the preceding statement, and develop an...

See Answer

Q: Refer to the Report of Independent Auditors of Unilever N. V

Refer to the Report of Independent Auditors of Unilever N. V. and Unilever PLC, signed on 5 March 2013 (see the appendix to this chapter). Required: Identify the features in the above audit report th...

See Answer

Q: The UK Corporate Governance Code takes the “comply or explain”

The UK Corporate Governance Code takes the “comply or explain” approach. Required: a. Describe the main features of the comply or explain approach to corporate governance. b. Why do you think this ap...

See Answer

Q: In Anglo-Saxon countries, mechanisms are put in place to

In Anglo-Saxon countries, mechanisms are put in place to regulate auditors within the framework of professional self-regulation, whereas in many Continental European countries, quasi-governmental agen...

See Answer

Q: The responsibility for harmonizing auditing standards across countries rests with IFAC.

The responsibility for harmonizing auditing standards across countries rests with IFAC. Required: Comment on some of the problems faced by IFAC in achieving the above goal.

See Answer

Q: ISA 700 describes three types of audit opinions that can be expressed

ISA 700 describes three types of audit opinions that can be expressed by the auditor when an unqualified opinion is not appropriate: qualified, adverse, and disclaimer of opinion. Required: What are...

See Answer

Q: In June 2003, IFAC issued an IAPS providing additional guidance for

In June 2003, IFAC issued an IAPS providing additional guidance for auditors internationally when they express an opinion on financial statements that are asserted by management to be prepared in eith...

See Answer

Q: In June 2004, the IFAC Ethics Committee issued its “Revision

In June 2004, the IFAC Ethics Committee issued its “Revision to Paragraph 8.151 Code of Ethics for Professional Accountants.” Accordingly, for the audit of listed entities, a. The lead engagement part...

See Answer