Part A: As though explaining to an interested party who is not familiar with International Auditing Standards, explain what these are and how they are similar to and different from American auditing standards.

Part B: Outline and discuss the advantages and disadvantages of all countries in the world adopting a common set of auditing standards. Include an examination of how these could be administered.

Part C: Explain the ethical standards of auditing in the U.S. and why it is so important to have strong global standards also. Discuss the ethical guidelines you consider to be absolutely essential as part of International Auditing Standards.