When an Independent CPA Assists in Preparing the Financial Statements

When an independent CPA assists in preparing the financial statements of a publicly held entity, but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond:

A) Documenting that internal control is not being relied on.
B) Reading the financial statements for obvious material misstatements.
C) Ascertaining whether the financial statements are in conformity with GAAP.
D) Determining whether management has elected to omit substantially all required disclosures.