Herbert Zora is having financial statements prepared by his PA to accompany his tax return.His primary concern is cost.Of the following,the lowest-cost engagement that the PA can perform for Zora's financial statements is
A)compilation.
B)review.
C)audit.
D)WebTrust.

Question

Quizplus · Accepted Answer

Compilation is the lowest-cost engagement that a PA can perform, as it involves the least amount of work and involves the PA simply compiling and presenting financial information provided by the client without providing any assurance on the accuracy of the information. A review and audit both involve more work and scrutiny of the financial statements, and WebTrust is a specialized engagement related to online security and trustworthiness.

Herbert Zora Is Having Financial Statements Prepared by His PA