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AG_CPA
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Joined: 19 Jun 2009
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Posts: 106

Posted: 04 Aug 2009 at 03:27 \| IP Logged

An american MNC having an headquarters in NY city with say
XYZ as auditors. Am assuming XYZ's partner in NY city will
be the principal auditor. Further, if this MNC has
operations in London and XYZ's london office performs audit
in MNC there - does the London's office's auditor is
considered as Principal or Another Auditor?

rgds

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CPAINNJ
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Joined: 10 Jul 2009
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Posts: 423

Posted: 05 Aug 2009 at 21:48 \| IP Logged

The principal auditor is designated based on the materiality of the portion of Financial statements examined , knowledge of the overall financial statements , and the importance of the components audited.

(source : Wiley book)

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