During a review of a nonissuer's financial statements,accountants are required to make certain inquiries of management.Which of the following inquiries is not required by the SSARS?
A) The basis for the preparation of financial statements.
B) Internal control deficiencies.
C) Significant transactions occurring near the end of the reporting period.
D) Material subsequent events.

Question

Quizplus · Accepted Answer

While the other inquiry areas (basis of preparation, significant transactions, and material subsequent events) are required by the SSARS, inquiries about internal control deficiencies are not specifically mentioned. However, if during the course of the review process, the accountant becomes aware of internal control deficiencies, they may need to make further inquiries and consider the impact on the financial statements.

During a Review of a Nonissuer's Financial Statements,accountants Are Required