An accountant may compile a nonissuer's financial statements that omit all of the disclosures required by GAAP only if the omission is:

Question

Quizplus · Accepted Answer

Choice "C" is correct. An accountant may issue a compilation report for a client's financial statements that omit all required GAAP disclosures, provided the omission is not intended to mislead financial statement users and the omission is clearly indicated in the accountant's report. Choices "A", "B", and "D" are incorrect, per above Explanation.

An Accountant May Compile a Nonissuer's Financial Statements That Omit