With compilation engagements,the minimum standard is that financial statements ________.
A)not be false or misleading
B)be accurate
C)be fairly presented
D)be prepared in accordance with GAAP

Question

Quizplus · Accepted Answer

In compilation engagements, the minimum standard is that financial statements not be false or misleading. The focus is on ensuring that the financial statements do not contain material misstatements or errors that would mislead the users of the statements. There is no requirement for the accountant to verify the accuracy or fairness of the financial statements, nor is there a requirement for the statements to be prepared in accordance with GAAP, although they often are.

With Compilation Engagements,the Minimum Standard Is That Financial Statements ________