A client follows US GAAP for its domestic operations and foreign GAAP for a foreign subsidiary. The foreign subsidiary is audited by a component auditor, while the group auditor audits the remainder of the corporation and issues an audit report on consolidated operations. Which auditor(s) is (are) responsible for evaluating the appropriateness of the adjustment of the foreign GAAP statements to US GAAP?
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Group auditor |
Component auditor |
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|
Yes |
Yes |
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|
Yes |
No |
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|
No |
Yes |
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No |
No |