(1) Despite subsection 3.3(1), financial statements referred to in paragraph 2.1(2)(a) that are delivered by a foreign registrant and required by securities legislation to be audited may be audited in accordance with
(a) International Standards on Auditing if the financial statements are accompanied by
(i) an auditor’s report that
(A) expresses an unmodified opinion,
(B) identifies all financial periods presented for which the auditor has issued the auditor’s report,
(C) identifies the auditing standards used to conduct the audit and the accounting principles used to prepare the financial statements, and
(D) is prepared in accordance with the same auditing standards used to conduct the audit, and
(ii) the predecessor auditor’s reports on the comparative periods, if the foreign registrant has changed its auditor and one or more of the comparative periods presented in the financial statements were audited by the predecessor auditor,
(b) U.S. PCAOB GAAS or U.S. AICPA GAAS if the financial statements are accompanied by
(i) an auditor’s report that
(A) expresses an unqualified opinion,
(B) identifies all financial periods presented for which the auditor has issued the auditor’s report,
(C) identifies the auditing standards used to conduct the audit and the accounting principles used to prepare the financial statements, and
(D) is prepared in accordance with the same auditing standards used to conduct the audit, and
(ii) the predecessor auditor’s reports on the comparative periods, if the foreign registrant has changed its auditor and one or more of the comparative periods presented in the financial statements were audited by the predecessor auditor, or
(c) auditing standards that meet the foreign disclosure requirements of the designated foreign jurisdiction to which the registrant is subject if
(i) it is a foreign registrant incorporated or organized under the laws of that designated foreign jurisdiction,
(ii) the financial statements are accompanied by an auditor’s report prepared in accordance with the same auditing standards used to conduct the audit, and
(iii) the auditor’s report identifies the accounting principles used to prepare the financial statements.
(2) Subparagraph (1)(a)(ii) or (b)(ii) does not apply if the auditor’s report described in subparagraph (1)(a)(i) or (b)(i), as the case may be, refers to the predecessor auditor’s reports on the comparative periods.