Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country

AU-C Original Pronouncement

Source

Statement on Auditing Standards (SAS) 124.

AU-C Definitions of Terms

AU-C 910 contains no definitions.

Objective of AU-C Section 910

AU-C Section 910.06 states that:

…the objective of the auditor, when engaged to report on financial statements prepared in accordance with a financial reporting framework generally accepted in another country, when such audited financial statements are intended for use outside the United States, is to address appropriately the special considerations that are relevant to

1. the acceptance of the engagement,
2. the planning and performance of the engagement, and
3. forming an opinion and reporting on the financial statements.

Scope

AU-C 910 applies to engagements for an auditor practicing in the United States to report on the financial statements that have been prepared in conformity with a financial reporting framework generally accepted in another country but not adopted by a body designated by the Council of the American Institute of Certified Public Accountants (AICPA). (AU-C 910.01)

Requirements

Terms of Engagement

Prior to accepting an engagement, the auditor must determine the acceptability of the financial reporting framework used and understand the purpose for which the financial statements are prepared and whether it is a fair presentation. The auditor must understand the ...