closely tied to the legal system. The minimum qualifications to become an auditor
can vary in both education and experience, as well as in the nature and content of pro-
fessional examinations. The definitions of independence are fairly similar in the
countries surveyed, but the actions that are deemed to violate independence can vary
both in the financial relationships permitted between the auditor and client and in the
nature of the services performed. Although half of the countries report an opinion
based on a “true and fair view,” and the rest report an opinion based on “present
fairly,” international auditing standards treat these terms as equivalent. Overall, there
seems to be a trend toward harmonization of auditing standards based on interna-
tional auditing standards.
SOURCES AND SUGGESTED REFERENCES
American Institute of Certified Public Accountants. Professional Accounting in Foreign Coun-
tries Series. New York: AICPA, 1987–1989. (Countries included are Argentina, Canada,
France, Hong Kong, Italy, Japan, Mexico, the Netherlands, the Philippines, Sweden, and the
United Kingdom.)
International Federation of Accountants. IFAC Handbook: Technical Pronouncements. New
York: IFAC, 2001.
International Federation of Accountants. Guidelines on Ethics for Professional Accountants.
New York: IFAC, 1990.
Needles, Belverd, (ed.). Comparative International Auditing Standards. Sarasota, FL: Ameri-
can Accounting Association, 1985.
Needles, Belverd E. Jr., Sridhar Ramamoorti, and Sandra Waller Shelton. “The Role of Inter-
national Auditing Standards in the Improvement of International Financial Reporting.” Ad-
vances in International Accounting, 2002.
Pomeranz, Felix. “The Responsibility of an American Accountant in the Audit of Foreign Lo-
cations.” Paper presented in the Annual Distinguished Speaker Series at California State Uni-
versity at Long Beach, California, April 17, 1985.
“SEC Concept Release: International Accounting Standards.” Release Nos. 33-7801,
34-42430; International Series No. 1215, February 18, 2000.
Smith, Brian. Secretary of the Forum of Firms. Interview conducted May 2002.
SOURCES AND SUGGESTED REFERENCES 15 • 43