The following auditing interpretation is not included in the reorganized auditing interpretations, which are effective as of December 31, 2016 pursuant to SEC Release No. 34-75935, File No. PCAOB-2015-01 (September 17, 2015). See PCAOB Release No. 2015-002.

AU Section 9534

Reporting on Financial Statements Prepared for Use in Other Countries: Auditing Interpretations of Section 534

1.Financial Statements for General Use Only Outside of the United States in Accordance With International Accounting Standards and International Standards on Auditing

.01

Question—Section 534, Reporting on Financial Statements Prepared for Use in Other Countries, provides guidance for the independent auditor practicing in the United States who is engaged to report on the financial statements of a U.S. entity ^fn 1 for general use only outside of the United States in conformity with accounting principles generally accepted in another country. May an independent auditor practicing in the United States report on the financial statements of a U.S. entity presented in conformity with the International Accounting Standards for general use only outside of the United States?

.02

Interpretation—Yes. In these circumstances, the auditor should follow the guidance in section 534 in planning and performing the engagement.

.03

Question—If the financial statements are presented in conformity with the International Accounting Standards, may a U.S. auditor perform the audit in accordance with the International Standards on Auditing?

.04

Interpretation—Yes. In these circumstances, the auditor should follow the guidance in section 534 in planning and performing the engagement. Section 534 requires the U.S. auditor, in these circumstances, to comply with the general and fieldwork standards of U.S. generally accepted auditing standards as well as any additional requirements of the International Standards on Auditing. The auditor may use either a U.S.-style report (section 534.09) or the report form set forth in the International Standards on Auditing.

[Issue Date: May, 1996.]