Question

An accountant’s standard report on a compilation should state that the accountant:(A) Has not audited or reviewed the accompanying financial statements.(B) Obtained an understanding of the accounting practices in the client’s industry.(C) Is not aware of any material modifications that should be made to the financial statements for them to conform with GAAP.(D) Is not responsible for disclosing errors, fraud, or illegal acts.

Answer 1

Answer:

(A) Has not audited or reviewed the accompanying financial statements.