Which of the Following Is Correct Concerning Financial Statements Prepared

question 25

Multiple Choice

Which of the following is correct concerning financial statements prepared in the United States for use in another country?

• A)The auditor must follow GAAP of both the United States and of the other country.
• B)The type of audit report issued depends upon whether it is for use primarily outside the United States.
• C)The audit must only follow US GAAP.
• D)Auditors from the other country must be involved with the audit to assure adequate performance of that country's standards.

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Definitions:

Code of Ethics

A set of guidelines designed to help professionals conduct their work with integrity, honesty, and respect for those they serve.

Nutrition and Dietetics

The scientific disciplines focused on the role of food in maintaining health and preventing diseases.

Accept

To receive willingly something that is offered; in psychological terms, it can also mean to recognize one's feelings or situation without attempting to change it.

Thank You Gift

A thank you gift is a present given to express gratitude and appreciation towards another person.