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Dear Mike,
“A transnational audit is an audit of financial statements which may be relied upon outside the audited entity’s home jurisdiction.”
I am not being able to get this into my head. Can you please provide an example of it?
Is it the audit of an overseas subsidiary?
Thank you!
From IFAC:
“Audits of entities with listed equity or debt are always transnational audits as their financial statements are or may be relied upon outside their home jurisdiction. Even where an entity currently has no foreign shareholders there is a possibility that the financial statements may be relied on by a foreign investor or creditor at some future date in an actual or potential investment or lending decision and it is therefore appropriate to consider the audit as a transnational audit.”
OK?
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