Question

Select an Emerging capital market and research the differences in training and qualifications of local auditors, audit standards, and requirements, nature of audits conducted, and the availability of auditors compared to those in your home country (United States) Include in your analysis anything the country is doing to improve its current situation with respect to the audit functions

as long as home country is united states i don't care what country is selected

Answer 1

Here I am going to select the other country as India. So let us discuss the difference between the auditors in USA and the auditors in India in terms of following issues:

Issues	Auditor is India	Auditor in US
Training	Training of 3 years known as Articleship is to be undergone by an aspirant under any qualified Chartered Accountant in practice to become an auditor.	If he wants to become an Aviation Auditor, then Aviation Auditor Training is required, while if he wants to become IOSA auditor, then IOSA training is required.
Qualifications	Certificate of Chartered Accountancy is required from the Institute of the Chartered Accountant of India	In order to become an aspiring auditor in US, certification from American Institute of Certified Public Accountant is required.
Audit standards	Standards on Auditing (SAs) as issued by Institute of Chartered Accountants of India are to adhered to by the member while conducting the audit as per the requirements.	Standards on Auditing issued by AICPA from time to time is required to be followed while conducting the audit. So far 131 Audit Standards has been issued by AICPA.
Nature of Audit	The nature of audits in India is mainly comprised of Statutory audit, internal audit, tax audit, audit conducted under any tax law i.e. VAT, System Audit, IT audit, Forensic Audit, Operational Audit, Mgt Audit, Energy audit and so on.	There is not much difference in the nature of audits conducted by a US auditor and Indian auditor. The major difference is the way of conducting the audit and not in the nature of the audit.