EDIT: I went ahead and bolded the important part since it was missed and I was asked what needs to be answered.

it has not been answered what I attached that is the "answer" I have stated is NOT the answer I am looking for.

Part 1: Discuss the implications for the global convergence of financial reporting standards raised by Gray's model.

Part 2: Discuss the implications this argument has for the comparability of financial statements across countries, even in an environment of substantial international accounting convergence. Identify areas in which differences in cultural dimensions across countries could lead to differences in the application of financial reporting.

Part 3: Discuss the implications that the model presented in Part 2 of this case has for the internal auditors of Cancan Enterprises in carrying our their responsibilities.

Part 4: Discuss any ethical concerns.

This is all the same question, and the answer is not "

Part I : According to Gray's model the cultures has an impact on countrys accounting values and accounting rules which will also influence the financial reporting rules and practices. If the cultural values does not changes significantly across the countries then the rules of financial statements also does not changes significantly.

Part II: The difference in cultural values and judgments will affect in difference in application standards for financial reporting. The difference in cultural values leads to difference in application of standards. The reporting of the expenses or income differs where judgement and estimation is required for example bad debt, revenue recognition, warranty expense, contingencies etc. Therefore the financial reporting will changes in these aspects.

Part III: The internal auditors of C enterprises has to check whether the accounting policies of Canada are been applied for financial reporting. The different companies have different cultures therefore the auditors has to check to whether all the accounting policies determined for Canadian companies have been applied in preparation of financial reporting of those companies. The revenue recognition, treatment of bad debts, contingencies, impairment of assets etc. have been treated as per the accounting policies."