Question: In a compilation engagement, when the financial statements omit substantially all disclosures Group of answer choices The accountant should issue an adverse opinion, but only

In a compilation engagement, when the financial statements omit substantially all disclosures Group of answer choices The accountant should issue an adverse opinion, but only if the omission of disclosures appears to be intended to mislead users of the financial statements. The compilation report should include a paragraph that points out the omission and that the financial statements are not designed for those who are uninformed about such matters.. The accountant should issue an adverse opinion. The accountant should not issue a compilation report.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Covid 1 9 disease outbreak was indeed a global disaster. This pandemic forced for a change in consumer behavior in almost all the market sectors . The Botswana local restaurant brand The Braai Place...

In a preparation engagement, when the financial statements omit substantially all disclosures, the accountant should not issue a report if the omission appears to be intended to mislead the users of...

In a compilation engagement, the client can choose to omit all disclosures required by GAAP. This is appropriate as long as which of the following is true? A. The accountant has no reason to believe...

A CPA? A.may never accept an engagement to compile financial statements that omit the statement of cash flows and/or substantially all disclosures required by US GAAP. B. may accept an engagement to...

11.In pursuing a CPA firm's quality objectives, a CPA firm should adopt policies and procedures to enable it to identify and evaluate circumstances and relationships that create threats to...

96.The report on an agreed-upon procedures engagement needs to describe the purpose and the procedures that have been agreed upon in sufficient details. The report should appropriately include the...

Question 1 4 pts Which of the following best describes the tradeoff between positive and negative confirmations of accounts receivable? Group of answer choices Positive confirmations are more...

1) Due to a scope limitation, an auditor disclaimed an opinion on the financial statements taken as a whole, but the auditor's report included a statement that the current assetportion of the...

1. 1. An auditor makes separate compliance and substantive tests in the client's accounts payable area, which appears to have good internal control. If the auditor uses statistical sampling for both...

Reports 1] A major purpose of the auditor's report on financial statements is to Name Date: A. Assure investors of the complete accuracy of the financial statements. B. Clarity for the public the...

Question as Attatched 6) Which of the following is not an example of a consulting service? A B C D Computer system installation and support. Strategic planning assistance. Bankruptcy trusteeship. Tax...

The Insurance Institute for Highway Safety issued a press release titled Teen Drivers Often Ignoring Bans on Using Cell Phones (June 9, 2008). The following quote is from the press release: Just 12...

The concept of fairness is expressed differently in UK as opposed to US audit reports. Identify and discuss apparent differences and similarities.

An unqualified, or "clean," independent auditor's opinion does which of the following? ( Check all that apply. ) States that the named financial statements "present fairly, in all material respects"...

From the details in the case study, as a business analyst, prepare a report in the form of a memo to your manager, using the rubric provided. Incorporate the answers to the three criteria (a), (b)...

Mirabella, Inc. sells security equipment, usually along with computer integration services. It does not sell these separately. The equipment cannot operate without being fully integrated with a...

Kenosha Winter Services is a small, family-owned snow-removal business. For its services, the company has always charged a flat fee per hundred square metres of snow removal. The current fee is...

Holly Gordon has retired and derives her income from a series of investments and a part time job at the local caf. Her income and expenses for the year include: Income $ Superannuation pension 15,000...

Block A rests on top of block B as shown in (Figure 1). The table is frictionless but there is friction (a horizontal force) between blocks A and B. Block B has mass 6.00 kg and block A has mass 2.00...

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Product line) Operations of Tanner Oil Drilling Services are separated into two geographical divisions: United States and Mexico. The operating results of each division for 2006 follow. Corporate...

(Sales mix) One product produced and sold by Ohio Outdoors is an ATV gun rack for which 2006 projections follow: a. Compute the projected pre-tax profit to be earned on the ATV gun rack during 2006,...

(Appendix) The variable costs for four different products are $0.65, $0.93, $1.39, and $0.72. State the objective function in equation form to minimize the variable costs. LO.1