the convergence of accounting and audit standards across multiple countries is known as ________.
A)international harmonization
B)Generally accepted auditing standards
C)independence
D)Public accountability

Question

Quizplus · Accepted Answer

International harmonization refers to the process of bringing accounting and audit standards together across multiple countries. This is done to ensure consistency in financial reporting and to facilitate international trade and investment. Generally accepted auditing standards (B) refers to the set of guidelines that auditors must follow when conducting an audit. Independence (C) refers to the concept that auditors must remain impartial and free from conflicts of interest when conducting an audit. Public accountability (D) refers to the responsibility that organizations have to be transparent and accountable to the public. While all of these concepts are related to accounting and auditing, international harmonization specifically pertains to the convergence of standards across countries.

The Convergence of Accounting and Audit Standards Across Multiple Countries