Countries and jurisdictions throughout the world mandate that entity financial statements be prepared using International Financial Reporting Standards, and that audits be conducted in accordance with International Standards on Auditing. Although the use of IFRS and ISAs isn’t mandated in countries such as the U.S., in our increasingly global economy, many accounting firms must now be able to address the needs of clients with reach outside the primary country in which they operate.
Those needs may translate into auditing international affiliates of local clients or, conversely, auditing local affiliates of entities based abroad. Since their affiliates may use a different set of accounting principles or be subject to different auditing standards, those scenarios may demand an expanded set of skills for audit firms.
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