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    According to the Gazprom Case.. Please discuss

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    Please discuss below minimum 300 words:

    Suppose that a U.S.-based accounting firm has a major audit client in a foreign country that routinely engages in business practices that are considered legal in that country but that would qualify as both illegal and unethical in the United States. What specific moral or ethical obligations, if any, would these circumstances impose on this accounting firm? Based on this, what responsibilities, if any, do you believe PwC had to Gazprom's minority investors.

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    Solution Preview

    The response addresses the query posted in 354 words with APA references.

    //In an audit of financial statements, the consideration of laws and regulations is an important aspect of the accounting firm engaged in auditing. In this context, the auditors' responsibilities concerning the reporting of the circumstances of non-compliance with laws and regulation have been discussed in the following section.//

    As per the International Auditing Standard 250, "Consideration of laws and regulations in an audit of financial statements," for an auditor, it is essential to have general knowledge of the industry or sector ...

    Solution Summary

    The expert determines what the specific moral or ethical obligations would be under the circumstances are for the accounting firms. The response addresses the query posted in 354 words with APA references.