Question

Please answer the following question:

Prepare a one-page response to the following statement/comment.

1) Most countries (developed and underdeveloped) in the world have adopted IFRS accounting standards and ISA auditing standards. The question is whether every country who has adopted these standards should be strictly held and accountable to the same high standards dictated by each of the two sets of standards or whether underdeveloped countries should be given special treatment or privileges while in development? What are the advantages and disadvantages of holding them all to the same high-quality standards? Is it fair to developing countries? What do you recommend and why? Provide any appropriate examples to substantiate your point(s).

Answer 1

please find attached the answer

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