As the term is used in the Audit Clarity Project, "applicable financial reporting framework" can mean: (i) IFRS, (ii) COSO, (iii) US GAAP.
A)I and II only
B)I and III only
C)II and III only
D)I, II and III

Question

Quizplus · Accepted Answer

The term "applicable financial reporting framework" as used in the Audit Clarity Project refers to the financial reporting standards or frameworks that are commonly used by companies. The three options given, IFRS, COSO, and US GAAP, are all commonly used financial reporting frameworks. Therefore, the best choice would be B, which includes the two most widely used frameworks, IFRS and US GAAP.

As the Term Is Used in the Audit Clarity Project