Case study of diferences between US and UK accounting

1. Discuss the differences between the US and UK credence paragraphs of the audited accountors papers. What pr roundical tog up might these differences put one across?         In general the commonplace realise that audit calculates take in the US in equation to that of the UK is very same. In both(prenominal) countries the audit report seeks to outflow a second opinion as to the ghastliness of the monetary narratements and in both cases for amount state the auditors opinion regarding the fairness of these in spite of appearance the context of the accepted accounting standards within that particular country.         The two opinion paragraphs from the Caterpillar monetary report 2002 and the tag and Spencer 2002 at first read seem to state similar objectives which have been taken during the auditing, that of an independent party desire to insure whether or not the financial records of that particular entity have been compiled and pr oduced to the standards that are mainly accepted and if not why so and that it will have been noted. A major difference lies in a dissimilar usage of wording in both audits. The US audit for Caterpillar states that the financial reports have been presented fairly in all bodily respects, the financial position of caterpillar inc.

and its subsidiaries at December 31, 2002, 2001 and 2000, and the results of their trading operations and their cash flows for each of the triad years in the goal ended December 31, 2002 in conformity with accounting principles generally accepted in the coupled states of America. The UK equivalent for this phrasing use in their! Audits is as follows : the financial statements give a true(p) and fair view of the state of the affairs of the company and the convention at 29 March 2003 and the financial statements have been by rights prepared in accordance with the companies act 1985... If you want to get a full essay, order it on our website: OrderCustomPaper.com

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