Which of the following statements about a compilation engagement is NOT true?
A)The accountant must have adequate technical training and proficiency in accounting.
B)The accountant does not have to have an objective state of mind.
C)The statements must comply with generally accepted accounting principles.
D)The accountant should adequately plan and properly execute the work.

Question

Quizplus · Accepted Answer

In a compilation engagement, the financial statements do not necessarily have to comply with generally accepted accounting principles (GAAP), as the accountant is not providing any assurance on the statements.

Which of the Following Statements About a Compilation Engagement Is