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The recently issued SAS no. 93, Omnibus Statement on Auditing Standards—2000 ( JofA , Jan.01, pages 14 and 116), specifies the auditor’s report should indicate which country’s accounting principles and auditing standards were used to prepare the financial statements and audit them.
This reference to the country of origin will now be required primarily because the Internet has made audited financial statements easily accessible throughout the world.
The JofA issued what may have been the first call for this change in the audit report. In “ Global Auditing and Accounting Confusion” ( JofA , Sept. 97, page 89) , the authors argued that the combination of increased globalization and Internet use made clear GAAP and GAAS labeling essential. The article also made the point that companies whose financial statements carry the US-GAAP and US-GAAS “brand names” send a “world-class reporting” message to potential investors.
It’s good to see that the JofA’s articles are sensitive to information age developments.
Stanley W. Davis, CPA
Chair and Professor of Accounting and Finance
Indiana University–Purdue (Fort Wayne)
Fort Wayne, Indiana
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