5.. Using the AICPA’s Statements on Standards for Tax Services (SSTS) (available online at https://www.aicpa.org/content/dam/aicpa/interestareas/tax/resources/standardsethics/statementsonstandardsfortaxservices/download-abledocuments/ssts-effective-january-1-2010.pdf), answer the following questions and indicate the Statement number and paragraph number of the SSTS where you found each answer:
a. May a CPA rely on information provided by third parties in preparing a client’s tax return? When should a CPA not rely on information provided by the client or a third party in preparing the client’s tax return?
b. What should a CPA do if he or she discovers an error on a client’s previously filed tax return?
c. What should a CPA do if he or she discovers an error on a client’s previously filed tax return during the course of representing the client in an administrative proceeding before the IRS regarding that return?
6.. Describe the global standard-setting environment prior to 2001, and describe what the role of the IASC was in the years prior to 2001.
7. What occurred in 2000 that began the shift toward use of the IASC’s guidance? Explain.
8.. Describe the relationship between the IASC and the IASB.
9..Describe the relationship between the IFRS Foundation and the IASB
10. Why was the IFRS for SMEs created?
11. Where can a researcher find guidance regarding which countries around the world apply IFRS? Name two sources.
12. Carillion Liquidation In early 2018, one of the UK’s largest companies, Carillion, announced its insolvency and began the process of liquidating and shutting down the company. This news sent shockwaves through the UK and had many pointing fingers at Carillion’s auditors, KPMG.
a. Research and summarize: Key reasons for Carillion’s failure.
b. Steps the auditors could have taken—and auditing standards the auditors should have followed more closely—to prevent the audit failures that occurred.
c. Comment on what changes are being proposed in the UK audit market in response to these events
13. Exercises requiring basic (free) access to ifrs.org. (Become a registered user for free to access individual standards.) These questions involve IFRS, as well as firm resources. Cite the source for each of your responses:
13.1. Has South Africa adopted IFRS? Describe your process for locating this information
13.2. Locate the most recent Form 20-F of Toyota Motor Corporation.
a. First, determine whether the financial statements were prepared in accordance with IFRS or another reporting framework, and describe where you located this basis of preparation information.
b. Considering what you learned in this chapter, why might Toyota be permitted to prepare financial statements for the U.S. SEC in accordance with a reporting framework other than GAAP?
c. Finally, identify Toyota’s auditor and describe the auditing standards applied by the company’s auditors.
13.3, Correct the following source citation, improving it in any way appropriate. IASB standard 3 tells us that “An entity shall account for each business combination by applying the acquisition method.”
13.4. Locate discussion of how the IASB considered differences between the terms exit price and an exchange amount in establishing principles for fair value measurement. Are these concepts considered to be similar? Consider discussion in the IASB’s basis for conclusions
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