Blue Co., a privately-held entity, asked its tax accountant, Cook, a CPA in public practice, to reproduce Blue's internally-prepared interim financial statements on Cook's computer when Cook prepared Blue's quarterly tax return. Cook should not submit these financial statements to Blue unless, at a minimum, Cook complies with the provisions of:
A)statements on Responsibilities in Tax Practice.
B)statements on Standards for Accounting and Review Services.
C)statements on Responsibilities in Unaudited Financial Services.
D)statements on Standards for Attestation Engagements.

Question

Quizplus · Accepted Answer

Statements on Standards for Accounting and Review Services (SSARS) provide guidance for non-audit services such as preparation, compilation, and review of financial statements. Cook should follow SSARS if he is asked to reproduce Blue's financial statements to ensure their accuracy and completeness.

Blue Co, a Privately-Held Entity, Asked Its Tax Accountant, Cook, a a CPA