Which of the following statements is correct with respect to an audit report issued for financial statements to be used primarily outside of the United States?
A)The report should follow the U.S.format,modified as appropriate.
B)The report should follow the format of the other country.
C)The report may follow either the U.S.format,modified as appropriate,or may follow the format of the other country.
D)The report should follow the attestation examination report format.

Question

Quizplus · Accepted Answer

Reports for financial statements primarily used outside of the U.S. should follow either the U.S. format modified as appropriate or the format of the other country. The auditor should consider the appropriate reporting standards of the country where the financial statements will be presented. Therefore, option C is correct. Options A and D are incorrect because they impose the U.S. standards on other countries, which may not be appropriate. Option B is also incorrect because the report must comply with the standards of the country where the financial statements will be presented.

Which of the Following Statements Is Correct with Respect to an Audit