Questions:

1) (a) What are the key features of an international audit process? In your answer identify the major stakeholders and explain the difference between internal and external auditing processes (refer to the Deloitte Presentation).
(b) From the short articles below on the PCAOB, summarise the key aspects of the PCAOB’s role and outline how the PCAOB is working with the Australian Securities Investment Commission to improve the quality of external auditing in Australia.

2) (a) Identify and discuss any three of the multinational auditing issues that would be faced by audit firms seeking to audit operations of multinational companies as outlined in the Deloitte and PWC presentations. In your answer refer to BOTH the audit report from ANY ONE of the Chinese listed companies set out in the PCAOB list provided below AND using the additional information in the articles entitled ‘Comment: China’s accounting wars’ and ‘Auditors Caught Between a Rock and the Great Wall of China’, identify any additional issues that Australian auditors of Chinese listed companies may encounter; and
(b) Highlight three main responses by the audit firms to these issues.

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