When an independent accountant's report based on a review of interim financial information is presented in a registration statement, a prospectus should include a statement about the accountant's involvement. This statement should clarify that the:

Question

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Choice "B" is correct. When an independent accountant's report based on a review of interim financial information is presented in a registration statement, the prospectus should include a statement clarifying that the accountant's review report is not a "part" of the registration statement within the meaning of the Securities Act of 1933. Choice "A" is incorrect. The accountant is an "expert" within the meaning of the Securities Act of 1933. Choice "C" is incorrect. The accountant generally does not perform any auditing procedures during a review. Choice "D" is incorrect. The fact that the accountant's review is performed in accordance with standards established by the AICPA is not mentioned in the statement (about the accountant's involvement) in the prospectus.

When an Independent Accountant's Report Based on a Review of Interim