29. Can an auditor report on general purpose financial statements prepared using a financial reporting framework that is other than a financial reporting framework included in Canadian GAAP, including IFRSs, or US GAAP?

Yes, if the auditor determines that the financial reporting framework is acceptable. The auditor would need to evaluate the basis of preparation of the financial statements against the factors that are relevant to the determination of the acceptability of the framework. Such factors include: the nature of the entity, the nature and purpose of the financial statements, and whether law or regulation prescribes the applicable framework. Canadian Auditing Standard (CAS) 210, Agreeing the Terms of Audit Engagements, paragraphs CA8a notes that standards set by the Accounting Standards Board and the Public Sector Accounting Standard Board are generally accepted and are relevant in determining the acceptability of the applicable financial reporting framework