Going International: Accounting and Auditing Standards

Internal Auditing, Vol. 23, No. 4, pp. 3-12, July 2008

20 Pages Posted: 11 Sep 2008 Last revised: 16 Jul 2014

See all articles by Murphy Smith

Murphy Smith

Texas A&M University-Corpus Christi-Department of Accounting

Tagi Sagafi-Nejad

Texas A&M International University

Kun Wang

Texas Southern University - Jesse H. Jones School of Business

Abstract

The worldwide movement toward international standards for financial reporting and for auditing will have a significant impact on the work of corporate accountants and internal auditors. Across countries, accounting standards and auditing standards are different as a result of unique cultural, political, legal, and economic factors. Ongoing efforts to harmonize accounting and auditing standards are expected to benefit economic activity in nations around the world. This article examines the role of international accounting and auditing standards in today's global economy. A brief history of the International Accounting Standards Board (IASB) is provided, along with challenges to using the International Financial Reporting Standards (IFRS) issued by the IASB. An example balance sheet is provided that shows how IFRS results can differ from U.S. generally accepted accounting principles. A brief history of the International Auditing and Assurance Standards Board (IAASB) is provided, along with current developments regarding the International Standards on Auditing (ISA) issued by the IAASB.

JEL Classification: M41, M44, M47, M49

Suggested Citation

Smith, Murphy and Sagafi-Nejad, Tagi and Wang, Kun, Going International: Accounting and Auditing Standards. Internal Auditing, Vol. 23, No. 4, pp. 3-12, July 2008. Available at SSRN: https://ssrn.com/abstract=1263002

Murphy Smith (Contact Author)

Texas A&M University-Corpus Christi-Department of Accounting ( email )

6300 Ocean Dr
Corpus Christi, TX 78412
United States

Tagi Sagafi-Nejad

Texas A&M International University ( email )

5201 University Blvd.
Laredo, TX 78041-1900
United States

Kun Wang

Texas Southern University - Jesse H. Jones School of Business ( email )

3100 Cleburne
Houston, TX 77004
United States

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