You have been asked to make a presentation in your International Business class about how globalization is impacting auditing profession. In preparation, you met with your auditing professor and discussed these questions: (Click the icon to view the questions.) Requirement Briefly outline key points that you would make in your presentation to address these questions. The AICPA's Auditing Standards Board (ASB) floor of the responsible for issuing override a specific country's regulations governing the audit of financial statements. 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.? The is responsible for issuing standards in the U.S. to be used by auditors when auditing the financial statements of all entities other than U.S. publicly traded companies. The is responsible for issuing standards to be used by auditors when auditing a U.S. public company or other entities registered with the SEC (e.g., broker-dealers). c. To what extent are AICPA auditing standards and international auditing standards similar? The ASB has revised of its standards to converge with the international standards. As a result, U.S. standards are consistent with international standards, except for certain requirements that reflect unique characteristics of the U.S. environment. d. What is the process the AICPA Auditing Standards Board (ASB) uses to develop AICPA auditing standards? When developing a new SAS, the ASB uses the as the base standard and then modifies it only when modifications are appropriate for the e. To what extent are PCAOB auditing standards impacted by international standards? The PCAOB its standards. While the PCAOB considers existing international standards, it does not start with the standard as the base standard. 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? When conducting an audit of a client that is listed on both a foreign stock exchange and a U.S. stock exchange, the auditor would have to satisfy both the relevant as well as the This the auditor conducts two separate audits. You have been asked to make a presentation in your International Business class about how globalization is impacting auditing profession. In preparation, you met with your auditing professor and discussed these questions: (Click the icon to view the questions.) Requirement Briefly outline key points that you would make in your presentation to address these questions. The AICPA's Auditing Standards Board (ASB) floor of the responsible for issuing override a specific country's regulations governing the audit of financial statements. 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.? The is responsible for issuing standards in the U.S. to be used by auditors when auditing the financial statements of all entities other than U.S. publicly traded companies. The is responsible for issuing standards to be used by auditors when auditing a U.S. public company or other entities registered with the SEC (e.g., broker-dealers). c. To what extent are AICPA auditing standards and international auditing standards similar? The ASB has revised of its standards to converge with the international standards. As a result, U.S. standards are consistent with international standards, except for certain requirements that reflect unique characteristics of the U.S. environment. d. What is the process the AICPA Auditing Standards Board (ASB) uses to develop AICPA auditing standards? When developing a new SAS, the ASB uses the as the base standard and then modifies it only when modifications are appropriate for the e. To what extent are PCAOB auditing standards impacted by international standards? The PCAOB its standards. While the PCAOB considers existing international standards, it does not start with the standard as the base standard. 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? When conducting an audit of a client that is listed on both a foreign stock exchange and a U.S. stock exchange, the auditor would have to satisfy both the relevant as well as the This the auditor conducts two separate audits