An accountant who reviews the financial statements of a nonpublic entity should issue a report stating that a review
A) is substantially equivalent in scope to an audit.
B) is substantially more in scope than a compilation.
C) is substantially less in scope than an audit.
D) provides only minimal assurance that the financial statements are fairly presented.

Question

Quizplus · Accepted Answer

A review is substantially less in scope than an audit and provides limited assurance that the financial statements are fairly presented.

An Accountant Who Reviews the Financial Statements of a Nonpublic