which of the following statements should be included in an accountant\'s standar

Question

which of the following statements should be included in an accountant's standard report accompanying financial statements of a nonpublic company that have been compiled by the accountant? (a) A compilation is limited to presenting in the form of financial 29, (b) (e) (d) statements information that is the representation of management. A compilation is substantially less in scope than an audit in accordance with GAAS A compilation consists of inquiries of company personnel and analytical procedures applied to financial data. A compilation is not designed to detect material modifications that should be made to the financial statements. 30. In connection with the element of monitoring, a CPA firm's system of quality control should ordinarily provide for the maintenance of: (a) Updated personnel files. (b) Documentation to demonstrate compliance with peer review (c) (d) directives. A file of minutes of staff meetings. Documentation to demonstrate compliance with its policies and procedures

Explanation / Answer

29. Option C. A Compilation consists of inquiries of company personnel and analytical procedures.applied to financial data. An Accountant should include the information obtained about the company personnel and analytical procedures applied during the course of audit which will substantiallly effectthe operations of the company in the Standalone report

30. Option D. Documentation to demonstrate compliance with its policies and procedures. A CPA Firm must respect the privacy of client documents which should not be shared with anyone unless approval from client is obtained.

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