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Your client has two sets of financial statements. One set is in compliance with IFRS, while the ...

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Your client has two sets of financial statements. One set is in compliance with IFRS, while the ...

Your client has two sets of financial statements. One set is in compliance with IFRS, while the other set is in compliance with local tax legislation, and will be used only with the tax returns. How do these events affect the independent auditors report? The auditor would use
A) an unqualified audit report for both financial statements, with an Emphasis of Matter paragraph that describes to readers the nature of the other set of financial statements.
B) a standard unqualified auditor's report for both financial statements, labeling the auditor's report "for IFRS only" and "for tax purposes only."
C) an unqualified audit report for both financial statements, with an Other Matter paragraph that describes to readers the nature of the other set of financial statements.
D) a qualified audit report would be issued as the client may not have two different sets of financial statements.

Textbook

Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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More solutions for this book are available here

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Thanks

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