An accountant was asked by a potential client to perform a compilation of its financial statements. The accountant is not familiar with the industry in which the client operates. In this situation, which of the following actions is the accountant most likely to take?

Postpone accepting the engagement until the accountant has obtained an adequate level of knowledge about the industry.

Obtain an understanding of the applicable financial reporting framework.

Request that management engage an independent industry expert to consult with the accountant.

Decline the engagement.