In recent years the move by accounting firms to offshore tax and consulting work has grown and expanded into audit work. What are the ethical concerns that might be raised about the practice of electronically transmitting audit information to offshore centers like those in India that provide accounting professionals to audit U.S. corporations’ financial statements?

Consider each of the following independent situations which have come to your attention. Ineach of the following independent and material situations assume that the client is areporting entity and that a general-purpose financial report has been prepared and audited:Event 1: Part of Steel Limited's operations are in South America. Recent changes ofgovernment have made it impossible for you to verify the key accounts of inventory, fixedassets and cash and related income statement balances. (50 -80 words)Event 2: The management of Surf Limited's has refused to disclose a few, director relatedtransactions on the grounds of commercial confidentiality. The financial controller remindsyou that no other errors have been found in the financial report and states that thetransactions are immaterial and therefore irrelevant to the users of the financial report.  (50 -80 words)Event 3: The annual report of Ranger Limited includes a detailed graph showing revenue forthe last 10 years. You note that…

Under the Foreign Corrupt Practices Act of 1977 (FCPA): a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe) b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls. c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted. d. only A and B are included in the FCPA e. A, B, and C are included in the FCPA

Case Study: Auditing Dynamics - Internal vs. External Auditing In the dynamic landscape of auditing, organizations rely on both internal and external auditors to ensure financial transparency, compliance, and the overall integrity of their operations. Let's explore a hypothetical case involving a multinational corporation, ABC Corporation, to highlight the roles and distinctions between internal and external auditing. Scenario: ABC Corporation ABC Corporation, a global leader in the technology sector, has a complex financial structure with subsidiaries operating in various countries. The company decides to conduct a comprehensive audit to enhance its financial governance. Internal Auditing: The internal audit team at ABC Corporation is an integral part of the organization. Led by Chief Internal Auditor Sarah Reynolds, the team is responsible for conducting regular assessments of internal controls, risk management processes, and operational efficiency. Sarah's team works closely with…