Final

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This week is the final part of your Course Project. For complete details on the project, please refer to the Course Project - Introduction in Week 03.In prior weeks you were asked to report on the following scenarios pertaining to Kobyashi Moru. Remember that each of these scenarios was an independent situation.

 

  • Week 03 - Segment Reporting
  • Week 06 - Explanatory and Opinion Paragraphs
  • Week 09 - Financial Statements Prepared using Chinese and GAAP Standards

 

In your research, you found significant conflicting issues between global reporting standards. These affect every audit engagement that addresses books of original entry that utilize foreign GAAP that are translated into financial statements. Your previous coursework has taught you that in order for stakeholders to accurately address financial performance metrics, they have to be based on standards that are consistent and that follow US GAAP rules.  Comparative analyses can only take place in an environment of stable, static and consistent rules.Your final project will be to synthesize the issues/data previously researched into a single paper. Prepare a 3-5 page paper that demonstrates your understanding of the issues. Address the following questions in your final paper:   

 

  • What affect will foreign accounting standards have on your audit engagement from a resource, time and cost standpoint? 
  • How will foreign standards affect your audit plan and sampling techniques used to validate original transactions? 
  • How will you approach potential fraud issues in a global environment?
  • How is the accounting profession changing in order to address the issue of inconsistent accounting standards?

 

Prepare your final paper utilizing APA style. This should include the following:

 

  • One inch margins
  • 12 point Times New Roman font
  • Double-spaced
  • One-half inch indent for new paragraphs
  • Title page
  • Reference page
  • Proper citation of sources within paper


Project - Introduction

Overview

 

This course project is intended to bring together the theories and principles of auditing as it relates to globalization.

 

Although there are multiple international initiatives to consolidate and standardize accounting standards into a uniform global set of rules and procedures, we are currently light years away from that continuity.

 

One of the most demanding areas in the audit profession is to be able to recognize and translate foreign standards into US GAAP standards do that there is meaning and a common platform from which to compare financial results, controls and accountabilities.

 

Goal of the Project

 

This course project is prepared to demonstrate your understanding of the impact of globalization on auditing and accounting standards. You will examine various concepts of the auditing process that are impacted by varying standards.

 

 

 

  
  
  
  
  

 

Requirements

 

The following set of facts is provided for your consideration and analysis:

 

 

Your final project will be to research a series of key issues surrounding the company and then synthesize the research into a single paper that addresses the following questions:   

 

  • What affect will foreign accounting standards have on your audit engagement from a resource, time and cost standpoint? 
  • How will foreign standards affect your audit plan and sampling techniques used to validate original transactions? 
  • How will you approach potential fraud issues in a global environment?
  • How is the accounting profession changing in order to address the issue of inconsistent accounting standards?

 

Your final paper will be 3-5 pages long. You will find significant scholarly research on this subject. Prepare your final paper utilizing APA style. This should include the following:

 

  • One inch margins
  • 12 point Times New Roman font
  • Double-spaced
  • One-half inch indent for new paragraphs
  • Title page
  • Reference page
  • Proper citation of sources within paper

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