Use the Internet to locate the financial statements (and associated audit report) of one company reporting using U.S. accounting standards and another company reporting using international accounting standards.
Required
a. Describe key differences between the two audit reports.
b. Articulate how these differences may affect the relative informativeness of the audit report to users. Which of the reports do you find most useful and why?
c. International audit reports generally are signed by the engagement partner who supervised the audit, whereas such disclosures are not required in the United States. Why is the public disclosure of the engagement partner's name useful? Why might partners in the United States prefer not to sign their names to audit reports? What implications may this difference have for users of the audit reports?