Auditing standards define special purpose financial statements as including those prepared under the following base(s)
A) regulatory basis.
B) tax basis.
C) contractual basis.
D) regulatory basis, tax basis, and contractual basis.

Question

Quizplus · Accepted Answer

Auditing standards define special purpose financial statements as those prepared under regulatory basis, tax basis, and contractual basis. These bases of accounting are different from generally accepted accounting principles (GAAP) and therefore require specific auditing procedures to be performed by the auditor.

Auditing Standards Define Special Purpose Financial Statements as Including Those