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In today‘s business environment, it is common for entities to expand their customer base to overseas markets or source for the best vendor in terms of quality and pricing which may results in purchasing from overseas vendors. Such cross border business transactions would increasingly require entities to trade in a variety of currencies. How does the auditor review and assess a company’s functional currency? Will it suffice for the auditor to rely on the management’s representations without challenging the appropriateness of the functional currency determined by the management? We bring you some of the highlights of the technical clinic on functional currency, facilitated by Lim Yeong Seng, Managing Partner, Kong Lim & Partners LLP.
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