Question: After reading and discussing how important it is for auditors to gather evidence to back up client claims, you are now introduced to accounting services

After reading and discussing how important it is for auditors to gather evidence to back up client claims, you are now introduced to accounting services where it is unnecessary to verify managements information.

In providing these compilations, how comfortable would you be in preparing financial statements based on data that you are not going to verify?

What concerns would you have signing off on these compilations as a CPA?

Because you are not performing audit services on the compilations, how do you know if the information you are given is true?

What types of questions could you ask your client that would fall within the realm of compilations without crossing the line into auditing?

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As a CPA preparing financial statements based on unverified data in compilations would raise several concerns and considerations Comfort Level I would ... View full answer

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