Compilation reports may include
A) Compilations when the accountant is not independent.
B) Compilations with full disclosure.
C) Compilations that omits substantially all disclosures.
D) Any of the items listed.

Question

Quizplus · Accepted Answer

Compilation reports may include any of the items listed, depending on the circumstances of the engagement. The accountant may issue a compilation report when they are not independent (option A), but they must disclose this lack of independence in the report. The report may also include full disclosure (option B) or omit substantially all disclosures (option C), depending on what the client needs and the requirements of the accounting standards.

Compilation Reports May Include