Auditor Reports included in SEC Form 20-F

In an Alert, dated March 19th, the Center for Audit Quality ( sent a reminder to auditors of non-U.S. companies that issue financial statements prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) about the audit firms reporting requirements.  Specifically, with respect to such non-U.S. financial statements included in a form 20-F filing, audit firm’s “must include an opinion on whether the financial statements comply with IFRS as issued by the IASB.” 

If the auditor concludes that the financial statements do not comply with IFRS as issued by the IASB, then the 20-F filing must contain the required IFRS to U.S. GAAP reconciliation disclosures.

A copy of the CAQ alert can be obtained from their website (

About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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