An auditing firm can issue a compilation report:
A) only if all the partners and the staff in the office performing the engagement are independent.
B) only if the partners are independent.
C) even if it is not independent.
D) if the partners have no material or direct immaterial interest in client.

Question

Quizplus · Accepted Answer

A compilation report can be issued by an auditing firm even if it is not independent, as the process involves assembling financial statements based on information provided by a client without the need to verify or validate the data. Independence is not a requirement for compilation services, unlike audits or reviews.

An Auditing Firm Can Issue a Compilation Report