ACG 6685 FAU Price Water House Coopers Accounting Service Response reply to the post here not just a yes or no answer I feel as though a U.S.-based acc

ACG 6685 FAU Price Water House Coopers Accounting Service Response reply to the post here not just a yes or no answer

I feel as though a U.S.-based accounting firm consulting and preparing reports for a major client in a foreign country would be very challenging and would bring up subjects that the firm may not be familiar with. I think that first, the firm would have to hire a consultant who is familiar with the country’s accounting standards and the country’s laws and regulations. By have an individual (or two) that would have some expertise in the country’s guidelines, it would be safer to report a reliable and correct report. I do feel, as others in this chat have expressed, that it would be beneficial for the firm to create various reports corresponding with the same information – a possible U.S. acceptable report and a report accepted in the foreign country. Split reporting may cause a difference in the reporting between the two, but they should make clear in the footnotes that the audit is based on a country from the said origin and that the reports follow the country’s legal and accounting standards.

If I were an auditor, I feel as though it would be a complicated process if the client is participating in transactions that would be considered illegal or unethical in the United States. With this said, however, wouldn’t the firm have to accept these differences and complete the report they are hired to do? In the end, you’re working to produce a report for an entity established in another country with their set of rules. Flip the picture around, and now you’re the client with illegal and unethical standards in the U.S., and you’re hiring a foreign-based firm to do your audit, do they not have a commitment to complete the audit with U.S. standards? Even if they are illegal and unethical in their country? I would feel that they do.

Based on my thoughts, then I would feel as though PricewaterhouseCoopers does need to produce the report in the country’s standard and be as independent as possible. I still stand by the idea that it would be beneficial that they hire individuals from that country that specialize in the regulations to assist with the audit so they may provide a reliable report based on the country’s standards. Purchase answer to see full
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