AU 534: Reporting on Financial Statements Prepared for Use in Other Countries

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


Original Pronouncement Statement on Auditing Standards (SAS) 51.
Effective Date This statement currently is effective.
Applicability Engagements to report on the financial statements of a U.S. entity that have been prepared in conformity with accounting principles generally accepted in another country for use outside the U.S.


SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.

AU-C 910 requires the auditor to obtain an understanding of a relevant financial reporting framework commonly accepted in another country and relevant auditing standards other than the generally accepted auditing standards (GAAS). The extant standard requires the auditor to consider consulting an expert. This is not a requirement in AU-C 910 and has been moved to the application section.

AU-C 910 eliminates the concept of limited use. If a report that is to be used in the United States is prepared in accordance with a financial reporting framework generally accepted in another country, the auditor is required to include an emphasis-of-matter paragraph highlighting the foreign reporting framework, and the auditor ...

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