Auditor oversight bodies have recently been established in several countries discussed in this chapter. Identify the auditor oversight bodies discussed in the chapter. What is the reason for this recent trend?
Answer to relevant QuestionsWhat is the difference between principles-based and rules-based accounting standards? What evidence indicates that U.S. GAAP is rules-based?China’s aim is to develop accounting standards that are harmonized with international practices. Cite some examples indicating that Chinese accounting standards are consistent with “world-class” practices.The United Kingdom and the United States have a common accounting heritage and are linked by history and language. The term Anglo-American accounting is sometimes used to denote their accounting styles because of the ...How do cultural values influence accounting? Are there parallel influences between the factors identified in Question 1 and the cultural factors identified here?The chapter identifies seven economic, historical, and/or institutional variables that influence accounting development: sources of finance, legal system, taxation, political and economic ties, inflation, level of economic ...
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