With a compilation service,the procedures performed by a professional accountant can be described as ________.
A)extensive
B)few,if any
C)comparable to a review service
D)comparable to an audit

Question

Quizplus · Accepted Answer

A compilation service is a basic service provided by an accountant where they assist in preparing financial statements without providing any assurance or opinion on the accuracy or completeness of the information. Therefore, the procedures performed by the professional accountant are minimal and there are few, if any, extensive procedures involved. Choice A, C, and D are incorrect because they involve more extensive procedures and assurance services.

With a Compilation Service,the Procedures Performed by a Professional Accountant