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Your client is not using either ASPE or IFRS. Instead, it is using current value accounting with no ...

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Your client is not using either ASPE or IFRS. Instead, it is using current value accounting with no ...

Your client is not using either ASPE or IFRS. Instead, it is using current value accounting with no use of historical cost, because your client is in a country with about 50% inflation per year. Local legislation requires that all resident organizations use current value accounting. How do these events affect the independent auditors report? The auditor would
A) issue a standard unqualified auditor's report.
B) use an Emphasis of Matter paragraph to explain that the financial statements are prepared in accordance with local legislation.
C) use an Other Matter paragraph to explain that the financial statements are prepared in accordance with local legislation.
D) state in the opinion paragraph that the financial statements were prepared in accordance with the local legislation.

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

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)

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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)

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