We can Highlight the following issue in the International Accounting

To day is the age of Globalization and it impacts the international accounting profession mainly in terms of the global flow of capital which is creating much of the pressure for harmonized international standards. And the another impact of Globalization is the way new powers are emerging and changing the flow of capital

High quality accounting standards are critical to the development of a high quality global financial reporting structure. The efficiency of cross-border listings would be increased for issuers if preparation of multiple sets of financial information was not required.

The audit is an important element of the financial reporting structure because it subjects information in the financial statements to independent and objective scrutiny, increasing the reliability of those financial statements. Audit requirements may not be sufficiently developed in some countries to provide the level of enhanced reliability that investors in U.S. capital markets expect.

Accounting and auditing standards, while necessary, cannot by themselves ensure high quality financial reporting. Audit firms with effective quality controls are a critical piece of the financial reporting infrastructure.

The accounting profession should have a system to ensure quality in the performance of auditing engagements by its members. Necessary elements of the system include:

·                     providing continuing education and training on recent developments;

·                     providing an effective monitoring system to ensure that:

• firms comply with applicable professional standards;
• firms have reasonable systems of quality control;
• there is an in-depth, substantive and timely study of firms’ quality controls, including reviews of selected engagements;
• deficiencies and/or opportunities for improvements in quality controls are identified; and
• results of monitoring are communicated adequately to the appropria