Question

1- As more and more business functions are being outsourced overseas, do you believe audits of companies headquartered here in the United States will one day be outsourced overseas too? Why or why not?

2- All the different types of audits discussed in Module D, which types of audits do you believe are most important for governments? Why?

  

Answer 1

Part 1:

As the business organizations are evolving with passing of each year it would be not correct to say no to any possibilities. With more and more business functions are being outsourced overseas there is nothing to believe that audit of such companies having their headquarters in US will not be outsourced. The outsourcing of audit is very much a possibility especially for the branches and companies operating in different parts of the globe. This will result in efficient auditing of such companies especially for the branches and units operating in different parts of the globe.

Part 2:

Statutory audit and tax audit are the two most important audits for the government as these are directly related to the tax collection of government and the true and correct picture of the organization from its financial statements.