4. Financial statements can differ between countries because of format, measurement and disclosure: How can differences in format and measurement effect the interpretation of financial statements [3] What are the factors that influence the extent of voluntary disclosures? Do these differ from regulated disclosures in accounting for segment reporting? Explain. [8] 5. In the global economy, auditing standards (GAAS), like accounting principles (GAAP), would benefit from global standardization. A. Provide a descriptive overview of the evolution of globalization of standardization in accounting and audit with reference to: the institutions involved the impact of such standardization on global business. B. Identify at least 3 areas in accounting and/or audit where complexity increases as a result of globalization. How should audit firms deal with them