Question: 32. General Retailing, a nonissuer, has asked Ford, CPA, to compile its financial statements that omit substantially all disclosures required by GAAP. Ford may comply

32. General Retailing, a nonissuer, has asked Ford, CPA, to compile its financial statements that omit substantially all disclosures required by GAAP. Ford may comply with General’s request provided the omission is clearly indicated in Ford’s report and the

a. Distribution of the financial statements and Ford’s report is restricted to internal use only.

b. Reason for omitting the disclosures is acknowledged in the notes to the financial statements.

c. Omitted disclosures would not influence any potential creditor’s conclusions about General’s financial position.

d. Omission is not undertaken with the intention of misleading the users of General’s financial statements.

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