International Finance and Accounting Handbook

15 • 17

United States

Companies traded on a

Recommendation by the

The expression of an opinion

Statements on Auditing

national stock exchange,

audit committee or a board

on the fairness with which

Standards are issued by the

companies that have over

of directors and approved by

the financial statements pre-

Auditing Standards Board,

500 shareholders and assets

the shareholders

ents fairly, in all material

the senior technical body of

of over $5 million (amounts

respects, financial position,

the AICPA designated to issue

vary depending on applica-

results of operations, and its

pronouncements on auditing

ble state laws), and certain

cash flows in conformity with

matters.

types of financial services

generally accepted account-

industries (if required to file

ing principles.

with the Securities andExchange Commission orregulated or funded by fed-eral agencies)

EuropeThe Netherlands

All public companies, private

Appointed by shareholders at

To ensure that balance sheets

NIvRA has adopted

companies, cooperative soci-

the annual meeting or by the

and accompanying notes

International Standards on

eties, and mutual guarantee

supervisory board of the

present a true and fair view

Auditing issued by IFAC. They

associations if they meet at

board of directors

of the financial position; and

have been translated to the

least two of the following

that profit and loss statements

Dutch with specific modifica-

criteria: Assets exceed 7.5

and notes give a true and fair

tions as necessary.

million guilders; net turnover

view of the results of opera-

exceeds 15 million guilders;

tions of a company for the

average number of employ-

fiscal year under review.

ees exceeds 49. All insurancecompanies and institutionsregistered under Dutch CreditSystem Supervision Act andinvestment companies underDutch Investment CompaniesSupervision Act.

Exhibit 15.2.

The Attest Function.