A compilation report:
A) is prepared during a taxation audit.
B) communicates an auditor's findings to a special user group that commissioned the audit.
C) is a review of an audit providing a low level of assurance.
D) provides no assurance to third parties.

Question

Quizplus · Accepted Answer

A compilation report is a type of financial report prepared by an accountant under the compilation standards, where the accountant assists in presenting a company's financial statements without providing any assurance on the statements. This means the accountant does not audit or review the statements and therefore does not express an opinion or assurance on them, making it distinct from audits or reviews that provide some level of assurance.

A Compilation Report