A public accounting firm is associated with the financial report of its client:
A) only when it does a financial audit.
B) even if the firm only assists a client in preparing the financial report but does not do an audit.
C) only when it does attestation services, such as a review or an audit.
D) if it performs any services at all for the client.

Question

Quizplus · Accepted Answer

A public accounting firm is associated with the financial report of its client even if it only assists in preparing the financial report but does not conduct an audit. This is because the firm's involvement can lend credibility to the financial statements, regardless of whether an audit has been performed.

A Public Accounting Firm Is Associated with the Financial Report