A compiled financial report should be accompanied by a report stating all of the following except:
A)a compilation has been performed.
B)the accountant does not express an opinion or any other form of assurance on the report.
C)a compilation consists principally of enquiries of company personnel and analytical procedures applied to financial data.
D)a compilation is limited to presenting in the form of a financial report, information that is the representation of management.

Question

Quizplus · Accepted Answer

A compilation involves the accountant assisting the client in preparing financial statements without providing any assurance on them. It does not primarily consist of inquiries of company personnel and analytical procedures applied to financial data; that description more accurately applies to a review or audit.

A Compiled Financial Report Should Be Accompanied by a Report