Which of the following is correct concerning financial statements prepared in the United States for use in another country?
A)The auditor must follow GAAP of both the United States and of the other country.
B)The type of audit report issued depends upon whether it is for use primarily outside the United States.
C)The audit must only follow US GAAP.
D)Auditors from the other country must be involved with the audit to assure adequate performance of that country's standards.

Question

Quizplus · Accepted Answer

The type of audit report issued for financial statements prepared in the United States for use in another country depends upon whether it is for use primarily outside the United States. The auditor is not required to follow GAAP of both the United States and of the other country, nor is it required to only follow US GAAP. Involvement of auditors from the other country may be helpful but is not required.

Which of the Following Is Correct Concerning Financial Statements Prepared