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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Query, parent company and subsidiary
If subsidiary uses local accounting srandards and group uses IFRS or IAS, then when all parent and subsidiary companies are consolidated, what do group auditor do when they confront problems ?
You should know from FR(F7) that consolidated financial statements must be prepared using uniform accounting policies, so if a subsidiary uses accounting policies other than those adopted in the consolidated financial statements, management must make appropriate adjustments on consolidation. The auditor would then audit the adjustment(s).