In the audit of historical financial statements, what accounting criteria is most common?
A)Regulatory accounting principles
B)Applicable international accounting standards
C)Applicable U.S.accounting standards
D)B and C
E)All of the above

Question

Quizplus · Accepted Answer

In the audit of historical financial statements, the accounting criteria most commonly used are the applicable international accounting standards and the applicable U.S. accounting standards. However, depending on the company's industry and location, regulatory accounting principles may also be relevant. Therefore, both choices B and C are correct, and the best answer is D. Choice E is not the best answer as it includes regulatory accounting principles, which may not always be applicable.

In the Audit of Historical Financial Statements, What Accounting Criteria