It is common for an auditor to issue a compilation report on financial statements that omit all of the disclosures required by GAAP.

Question

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It is not uncommon for auditors to issue a compilation report on financial statements that omit all of the disclosures required by GAAP. However, it is important to note that this report does not provide assurance on the accuracy, completeness, or fairness of the financial statements.

It Is Common for an Auditor to Issue a Compilation