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Are all audits performed in accordance with GAAP?


If a corporation is going to create financial statements that are going to be audited, do they have what's called a "GAAP constraint"?

Note: i don't know whether the corporation is public or not.

538 day(s) ago

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BruinCPA 		No. Some audits are done on Statutory Accounting Principles. Some audits are done on International Accounting Standards.

It depends on how the corporation chooses to show its financial statements, and what regulations may apply to the corporation.

Posted 538 days ago

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