A Hong Kong company conducts trade all over the world. It employs two internal auditors looking after business working in Asian Region and non-Asian Region. One of the auditors is a Hong Kong resident while the other is an expatriate. Each of them spends less than 60 days in Hong Kong in each year of assessment
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A Hong Kong company conducts trade all over the world. It employs two internal auditors looking after business working in Asian Region and non-Asian Region. One of the auditors is a Hong Kong resident while the other is an expatriate. Each of them spends less than 60 days in Hong Kong in each year of assessment. You are required to explain how those internal auditors will be chargeable with Hong Kong salaries tax
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- For audit purposes how would you verify foreign travel expenses of an employee who visited foreign country for official puposes. State any four valid points to support your answer?What makes a custom broker qualified to complete their service? Any employee of the Canada Border Services Agency. A Canadian citizen of 18 years old, and has financial resources with sufficient knowledge relating to import and export. Any agent representing a Corporation. Only individual who obtain a degree from public educational institution. Which of the following best describes the Canada Customs Invoice? A form used by foreign customs authorities to permit the in-transit movement of goods. It is an export declaration listing goods leaving Canada. O A form completed with information about goods being shipped into Canada. A form submitted to the Canadian Association of Customs Brokers for licensing.Assume a U.S. company operates overseas and is approached by foreign governments officials with a request to provide family members with student internships with the company. The company does business in that country with foreign customers and is negotiating for a contract with one such customer to provide services. Under what circumstances might such a request violate the FCPA?
- Kashi Corporation is the U.S. distributor of fencing (sword fighting) equipment imported from Europe. It is incorporated in Virginia and headquartered in Arlington, Virginia; it ships goods to all 50 states. Kashi's employees attend regional and national fencing competitions, where they maintain temporary booths to market their goods. Determine whether Kashi has income tax nexus and a filing requirement in the following situations: Required: Kashi is incorporated and headquartered in Virginia. It also has property, employees, salespeople, and intangibles in Virginia. Determine whether Kashi has income tax nexus in Virginia. Kashi has employees who live in Washington, D.C., and Maryland, but they perform all their employment-related activities in Virginia. Does Kashi have income tax nexus in Washington, D.C., and Maryland? Kashi has two customers in North Dakota. It receives their orders over the phone and ships goods to them using FedEx. Determine whether Kashi has income tax nexus…Many non-U.S. companies make annual reports available on their corporate website. Access the financial statements from the most recent annual report for a foreign company with which you are familiar to complete this assignment. Requireda. Determine the set of accounting rules (GAAP) the company uses to prepare its financial statements. b. Determine whether the company provides a set of financial statements comparable to the set of financial statements provided by U.S. companies. c. List differences between the company's income statement and the income statement of a typical U.S corporation. d. List differences between the company's balance sheet and the balance sheet of a typical U.S corporation.e. Determine whether the scope and content of the information provided in the notes to the financial statements are comparable to the information provided in the notes to the financial statements by a typical U.S. corporation.f. Evaluate the overall presentation of financial statements and…Christopher, a staff auditor of the Sycip, Gomez, Velayo & Co. took and passed the examination for Certified Internal Auditor (CIA). In the following year, he resigned from his job and left the Philippines on April 10, 2014, to work as an Internal Auditor in a big establishment in Melbourne, Australia. For income tax purposes, which of the following statements is correct with respect to Christopher’s classification? a. He shall be classified as nonresident citizen for the whole year of 2014. b. His classification as a nonresident citizen will start in 2015. c. He shall be classified as nonresident citizen for the year 2014 with respect to his income derived from sources without from April 10, 2014. d. He shall be classified as nonresident citizen for the year 2014 with respect to his income derived from sources without from April 11, 2014.
- By using Hofstede's cultural dimension index in Exercise 4 of Chapter 2 and Gray's accounting values in Chapter 2 to discuss implications for American internal auditors who have to audit subsidiaries of a U.S. parent in Sweden, Korea and Brazil.Discuss:(1) the impact of Hofstede's cultural dimensions on relevant accounting values (conservatism, secrecy and level of disclosure) of accountants in these three countries, and(2) what American parent company and their internal auditors should do to cope with the impact of these accounting values on financial reporting of these subsidiaries.Taft Corporation operates primarily in the United States. However, a few years ago it opened a plant in Spain to produce merchandise to sell there. This foreign operation has been so successful that during the past 24 months the company started a manufacturing plant in Italy and another in Greece. Financial information for each of these facilities follows:The company’s domestic (U.S.) operations reported the following information for the current year:Taft has adopted the following criteria for determining the materiality of an individual foreign country: (1) Sales to unaffiliated customers within a country are 10 percent or more of consolidated sales or (2) long-lived assets within a country are 10 percent or more of consolidated long-lived assets.Apply Taft’s materiality tests to identify the countries to report separately with respect to (a) revenues and (b) long-lived assets.A US construction company paid a bribe to a foreign government official in an effort to land a contract in the official‘s country. When word leaked out, the US company‘s CEO said, ―Bribery is a standard business practice in that country. Required: What is your reaction to the CEO‘s statement?
- Question: Avanti Corp has a complex international operation with subsidiaries in multiple countries. The company engages in various cross-border transactions, including intercompany sales, transfer pricing arrangements, and foreign currency transactions. As the company's chief accountant, how would you ensure compliance with international accounting standards and tax regulations while optimizing the company's tax efficiency and financial reporting accuracy?A company wishes to conduct business in a foreign country that attracts businesses by granting “holidays” from income taxes for a certain period of time. Would the company have to disclose this “holiday” to the SEC? If so, what information must be disclosed?Broom Inc., a US corporation, buys brooms from Mop Inc., an unrelated company, that are manufactured in the US and sells the brooms to customers located in Moldova. Title passes in Moldova. The income from the sale is foreign source income. True False