When an accountant is engaged to compile a nonpublic entity's financial statements that omit substantially all disclosures required by GAAP,the accountant should indicate in the compilation report that the financial statements
A)might influence users' conclusions about the business,if the disclosures were included.
B)are prepared in conformity with a comprehensive basis of accounting other than GAAP.
C)are not compiled in accordance with Statements on Standards for Accounting and Review Services.
D)are special-purpose financial statements that are not comparable to those of prior periods.

Question

Quizplus · Accepted Answer

The accountant should indicate that the financial statements might influence users' conclusions about the business if the disclosures were included, as this highlights the potential impact of the omitted disclosures on the users' understanding.

When an Accountant Is Engaged to Compile a Nonpublic Entity's