In a compilation engagement,
A) All appropriate disclosures must be presented.
B) Managers or owners may choose to omit all footnote disclosures.
C) Financial statements must be presented in prescribed forms.
D) An auditor provides only negative assurance.

Question

Quizplus · Accepted Answer

In a compilation engagement, managers or owners may choose to omit all footnote disclosures as long as there are no misleading omissions. However, all appropriate disclosures must still be presented in the financial statements themselves.

In a Compilation Engagement