exchange. Bertoli's financial statements will be used only outside the US. Bertoli should comply:

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter1: Quality Auditing: Why It Matters
Section: Chapter Questions
Problem 16RQSC
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Bertoli & Cos. PA, a CPA firm that practices in
the US, is engaged to audit Rigatoni Ltd., an
Italian firm that is not listed on a stock
exchange. Bertoli's financial statements will
be used only outside the US. Bertoli should
comply:
Only with US generally accepted auditing
standards.
With International Standards on Auditing, but
not with US generally accepted auditing
standards.
With International Standards on Auditing and
US generally accepted auditing standards,
except for requirements related to the form
and content of the report.
Transcribed Image Text:Bertoli & Cos. PA, a CPA firm that practices in the US, is engaged to audit Rigatoni Ltd., an Italian firm that is not listed on a stock exchange. Bertoli's financial statements will be used only outside the US. Bertoli should comply: Only with US generally accepted auditing standards. With International Standards on Auditing, but not with US generally accepted auditing standards. With International Standards on Auditing and US generally accepted auditing standards, except for requirements related to the form and content of the report.
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