Reporting by auditors on compliance with IFRS
11 Apr 2003
The International Auditing and Assurance Standards Board has issued International Auditing Practice Statement 1014 to provide guidance when the auditor expresses an opinion on financial statements that are asserted by management to be prepared: Solely in accordance with International Financial Reporting Standards (IFRSs); In accordance with both IFRSs and a national financial reporting framework; or In accordance with a national financial reporting framework with disclosure of the extent of compliance with IFRSs. Regarding compliance with both IFRS and national GAAP, IAPS 1014 states: Simultaneous compliance with both IFRSs and a national financial reporting framework is unlikely unless the country has adopted IFRSs as its national financial reporting framework or has eliminated all barriers for compliance with IFRSs.