international accounting

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Q 1 : Why is the concept of auditing convergence important? Will international harmonization of auditing standards be more or less difficult to achieve than international harmonization of accounting principles? ( 500 words )

the answer :

Convergence of auditing standards will help ensure that audit quality will reach acceptable levels worldwide. Auditing convergence may be less difficult to achieve than accounting convergence because auditing is more technically oriented and there is wider agreement as to what constitutes best practices in auditing than there is for accounting principles.

Q 2 :Your company has decided to purchase 60% of its inventory requirements valuing around US$ 2,500,000 from china and purchases will be invoiced in chines yuan. what four processes do you need to consider in designing a foreign exchange risk protection system? ( 500 words )

the answer :

a.Forecasting the expected movement in the relation between the yuan and your domestic currency.

b.Measuring on a periodic basis your firm’s exposure to fluctuations in the value of the yuan.

c.Designing protection strategies that will minimize losses should the yuan revalue.

d.Establishing internal controls to measure your performance in hedging the risk of loss from changes in the value of the yuan.

Q 3 : Stock exchange web sites vary considerably in information they provide and their ease of use.
Required : select any two of the stock exchanges, explore the web sites of each of these stock exchanges. Prepare a table that compares and contrasts the sites for types and quality of information presented and ease of using the web site.
( 500 words )

the answer :

in this question , there is example for two stock exchange . you can find it in chapter 1 , international accounting 7th edition

*** please paraphrase and expand the answer by adding related information

the assignment should be ::

1. introduction and objective of the assignment ( 200 words ) what the assignment will cover

2. Questions answers, (500 words for each question )

3. learning derived ( 200 words )

4. references

total = 1900 words

the source is ( international accounting 7th edition ) you can find useful information in it

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