Which of the following types of association requires that accountants provide a report with no explicit assurance?
A)Compilations.
B)Reviews.
C)Financial statement preparation.
D)Audits.

Question

Quizplus · Accepted Answer

Compilations are the only type of association that requires accountants to provide a report with no explicit assurance. In a compilation engagement, the accountant assists in the preparation of financial statements but does not provide any assurance or opinion on the accuracy or completeness of the information presented. Reviews and audits both involve varying levels of assurance provided by the accountant, and financial statement preparation is simply the preparation of financial statements without any involvement from an accountant.

Which of the Following Types of Association Requires That Accountants