An accountant could not issue compiled financial statements that would include a report
A) Mentioning that the management has elected to omit substantively all footnote disclosures, and if they were included they might influence users' conclusions about the business.
B) Attesting to the overall fairness of the financial statements.
C) Stating that the accountant is not independent.
D) Stating that the objective of a compilation is to assist management in presenting financial information.

Question

Quizplus · Accepted Answer

An accountant cannot issue a compiled financial statement that attests to the overall fairness of the financial statements, as this is the role of an audit, not a compilation.

An Accountant Could Not Issue Compiled Financial Statements That Would