Auditing Standards Board (ASB) Pronoucments on Entity Audit Requirements

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    Adam
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    Hi Everyone,

    Former Ninja here, circling back as this was a great resource when I was studying. I have been tasked with a project in my new role, and I am hoping someone on this forum can help me with a roadblock we are experiencing.

    The company I work for is in the process of opening a branch office in India. The Indian government is forcing us to provide official documentation from the official governing body as it relates to which U.S. business entities are required to have an audit and which entities are not required.

    In the U.S., private companies that do not have publicly traded debt or equity are not required to disclose financial statements and are not required to have audited financial statements unless of course a 3rd party requests as much if you are pursuing a bank loan, etc.

    Being that the ASB of the AICPA is the governing body of all things audit, I was wondering if anyone can point me to the specific pronouncement or codification that states that in the U.S., private companies that do not have publicly traded debt or equity are not required to disclose financial statements and are not required to have audited financial statements.

    I will need to provide this information to the government in India, so if anyone at all can help point me in the right direction it would be supremely appreciated.

    Thank you,

    Adam

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