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

Question

Quizplus · Accepted Answer

A CPA firm can issue a compilation report even if it is not independent, as long as the lack of independence is disclosed in the compilation report. Independence is not a requirement for performing a compilation service, which is less in scope than audits or reviews and does not provide assurance on the financial statements.

A CPA Firm Can Issue a Compilation Report