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Auditing improves the precision, quality, and reliability of information made av
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Auditing improves the precision, quality, and reliability of information made available to users of financial statements mainly for making investment decisions regarding equities and debts in the financial markets. The assurance services provided by auditing firms play an important role in ensuring the quality of financial information, help lower the cost of debt offerings, and contribute to greater investor confidence in the information provided. International auditing refers to the rules to be applied internationally for the auditing of financial statements and the processes associated with auditing financial statements prepared by multinational corporations (MNCs). With the increasing trend toward globalization of markets and rapid growth in international transactions, the issues associated with providing reliable, high-quality information have become crucial for MNCs in their efforts to succeed in increasingly competitive global markets. The 1997–1998 Asian financial crisis; the subsequent corporate scandals, particularly in the United States, involving large companies such as Enron, WorldCom, and Global Crossing; and the more recent global financial crisis (GFC) have further highlighted the importance of assurance services in enhancing corporate governance. The Sarbanes-Oxley Act (SOX), which has been described as the most sweeping corporate legislation since the Securities Acts of 1933 and 1934, includes detailed provisions dealing with corporate governance and various auditing issues designed to help restore investor confidence. The financial regulations introduced in the United States in July 2010 following the GFC were even more sweeping. Commenting on the Asian financial crisis, the World Bank report stated that the poor system of corporate governance contributed to it by shielding the banks, financial companies, and corporations from market discipline. Auditing is an integral part of corporate governance. Publicly traded Companies included a separate Corporate Governance Report (CGR) in its latest (2020) Annual Report.
Select an international corporation – Volkswagen (Germany)
1. Access the company’s latest (2020) Annual Report (consolidated/Audited) via the SEC website or other websites, which includes the Corporate Governance Report, and discuss the way in which the selected Company attempted to establish a high level of corporate governance.
2. Explain the possible link between corporate governance and auditing.
3. Globalization of corporations and the accounting profession has raised some questions that are of fundamental importance. From your selected company, Can the moral standing of the accounting profession be based on a consensus of international morals and values for your company’s home country?