International Finance and Accounting Handbook

15 • 39

Country

Reporting Requirement

North and South AmericaArgentina

Standard audit report formats have been issued by the Buenos Aires CPCE. Although not mandatory, they are generally us

ed.

The FACPCE sets the minimum data that must be included in an audit report. The important elements are:1. The name of the reports audited and the related periods.2. The conduct of the audit in accordance with auditing standards.3. The auditing standards.4. The opinion as to fairness of statements.5. Statements presented in accordance with professional accounting standards.6. The name of those requiring audit or services.

Canada

The standard auditor’s report is very similar to a U.S. Report. However, Canadian standards require a clean opinion if th

ere are

inconsistencies or contingencies, provided that they are adequately disclosed in the financial statements.

Mexico

In all cases in which the name of the public accountant is associated with financial statements or information, he or she should express in a clear and unmistakable manner1. The nature of his or her relation with such information.2. His or her opinion on the same.3. The important limitations, when applicable, that were imposed on the examination, the qualifications derived from them,

the important reasons why an adverse opinion is expressed, or the reasons why a professional opinion cannot be expressedafter an examination is performed in accordance with auditing standards.

The auditor, when rendering his or her opinion on financial statements, should observe that1. They were prepared in accordance with generally accepted accounting principles.2. Such principles were applied on a consistent basis.3. The information presented therein and in the related notes is adequate and sufficient for its reasonable interpretation.

United States

In a standard three-paragraph report, the auditor first identifies the company and financial statements being audited

and states

the responsibilities of management and the auditor. Second, the auditor must indicate the scope of the examination andwhether or not the audit complied with generally accepted auditing standards and that is a sufficient basis for an opinion.Third, he or she must state whether the financial statements are presented fairly in accordance with GAAP and whether GAAPhave been consistently observed in relation to reports of previous years. The auditor must express an opinion on the financialstatement as a whole or assert that an opinion cannot be expressed.

(continued

)

Exhibit 15.5.

Audit Reports.