When the accountant performs a compilation or a review in the U.S.
A)he follows the guidelines of the profession listed in Statements on Auditing Standards
B)he follows the guidelines of the profession issued by the Public Companies Accounting and Oversight Board
C)he follows the guidelines of the profession listed in Statements on Standards for Accounting and Review Services
D)he follows the guidelines of the profession listed in Statements on Standards for Attestation Engagements

Question

Quizplus · Accepted Answer

When an accountant performs a compilation or a review in the U.S., they follow the guidelines of the profession listed in Statements on Standards for Accounting and Review Services (SSARS). This set of standards governs the performance of non-audit services for non-public companies, and it includes guidance on both compilation and review engagements. The other options listed are not applicable to compilations and reviews. Statements on Auditing Standards (SAS) govern audits of both public and non-public companies, while the Public Company Accounting Oversight Board (PCAOB) issues standards for the audits of public companies. Statements on Standards for Attestation Engagements (SSAE) apply to agreed-upon procedures engagements and other attestation engagements.

When the Accountant Performs a Compilation or a Review in the U.S