The AICPA’s Auditing Standards Board (ASB) has completed the Clarity Project, converging the U.S. Auditing Standards with the International Standards on Auditing (ISAs), issued by IAASB. Although the purpose of
redrafting the auditing standards is for clarity and convergence and not to create additional requirements, auditors will need to make some adjustments to their practices as a result of this project.
Visit the AICPA Web site and search for information about the Clarity Project and the convergence.
Discuss two of the adjustments necessary as a result of the U.S. adoption of the ISAs.
Discuss any benefits of using the ISAs on U.S. economy and the auditing profession.
Discuss whether you think the quality of financial audits will be improved as a result of the U.S. adoption of the ISAs.
The unsuccessful merger with MCI left BT with a requirement for an overseas partner, this led to a relationship with AT&T. Unfortunately this partnership was also unsuccessful, although the deal was completed in full the partners were unable to work together and personal differences were cited when the merger broke up. The venture was dissolved and the assets were split between the two parties, BT secured $400million and a portion of the worldwide communications shares whilst AT&T retained the US markets. One could suggest BT success has been equally distributed between the growth in domestic technology and products to retain a level of market share whilst for the overall business key acquisitions and mergers have resulted in large levels of profits for BT to provide growth and investment. However in 2001 BT were identified as supporting large levels of debt which was attributed to the development and research of new technology for mobile phone telecoms. In an attempt to return to levels of positive cash flow BT began to sell or lease assets in order to generate cash flow. Challenges and outlook for British Telecom: BTs focus for the future remains fixed between the two functions of commercial and domestic markets, both local and international. Focus within domestic markets will require continued improvement to customer service levels coupled with acknowledgement of the economic strains within UK markets which will require specific consumer attention to ensure the right products are available at the right time to meet the expectations and demands of those in the market place. With increasing levels of domestic competition this field becomes a key driver to ensure s>GET ANSWER