Using data for 162 countries over 1995–2014 (i.e., 3240 observations) and drawing on distinctive insights from diffusion theory, we found that common law countries tend to adopt ISAs faster than civil law countries. This paper investigates the impact of four key transnational factors (i.e., cultural, educational, legal and political factors) on the diffusion and early adoption of International Standards on Auditing (ISAs).
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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. generally accepted accounting principles. An example balance sheet is provided that shows how IFRS results can differ from U.S. 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. This article examines the role of international accounting and auditing standards in today's global economy. Ongoing efforts to harmonize accounting and auditing standards are expected to benefit economic activity in nations around the world.
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Across countries, accounting standards and auditing standards are different as a result of unique cultural, political, legal, and economic factors. 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.