Before Reporting on the Financial Statements of a Canadian Entity

question 8

Multiple Choice

Before reporting on the financial statements of a Canadian entity that have been prepared in accordance with the accounting principles of another country,an auditor practising in Canada should ________.

• A)understand the accounting principles that are generally accepted in the other country
• B)be certified by the appropriate auditing or accountancy board of the other country
• C)notify management that the auditor is required to deny an opinion on the financial statements
• D)recast the financial statements according to Canadian GAAP

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Definitions:

Liaisons

Individuals or entities that act as a connecting link between groups or organizations to facilitate communication and cooperation.

Administrators

Individuals who manage and oversee the operations of organizations, schools, or businesses, often responsible for making key decisions and implementing policies.

School Policies

Guidelines and rules established by educational institutions to govern the actions of students, staff, and sometimes parents.

Religious Beliefs

Convictions or faiths held about spiritual matters or the divine, often associated with specific rituals and practices.