Question

R&R is a public corporation that, as of December 31, 2009, is subject to a year-end integrated audit by its independent auditing firm, Young & Young. An excerpt of Young & Young’s audit opinion states:
In our opinion, the consolidated financial statements present fairly, in all material aspects, the financial position of R&R and its subsidiaries as of December 31, 2009, and the results of their operations and their cash flows for the fiscal year ended December 31, 2009, in conformity with U.S. GAAP. Also in our opinion, R&R maintained, in all material respects, effective internal control over financial reporting as of December 31, 2009, based on criteria established in Internal control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Tread way Commission (COSO).

Required:
a. What kind of opinion did Young & Young give R&R for its 2009 year-end financial statements?
b. Under which set of financial reporting standards does R&R report? Which set of auditing standards does Young & Young use in its audit of R&R?
c. Under which financial reporting standards might R&R report if it were a corporation based in Germany?



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  • CreatedJanuary 21, 2015
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