Which of the following types of association with financial statements is least likely to result in a report by the CPAs? A)Compilation. B)Review. C)Preparation. D)Audit.

Question

Quizplus · Accepted Answer

Preparation of financial statements involves simply creating the financial statements on behalf of the client without any assurance or evaluation of the accuracy or completeness of the information provided. As a result, a report by CPAs is not required or typical for preparation engagements. Compilation, review, and audit engagements involve varying degrees of assurance by CPAs regarding the financial statements and therefore require reports.

Which of the Following Types of Association with Financial Statements