You Have Just Recently Become a Member of Your Local

question 35

Multiple Choice

You have just recently become a member of your local non-profit housing co-op by moving into the largest unit.The board of directors has asked that you handle the review engagement but you are concerned about independence.What is a practical way for you to stay in the co-op but also perform the review engagement?

• A)Request a bylaw stating that the accountant cannot vote for board members.
• B)Do a compilation rather than a review engagement.
• C)Have all the preparation work for the review engagement completed by a board member.
• D)Include a paragraph in the review engagement report stating that you are not independent.

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Definitions:

Dangerous Activities

Behaviors or actions that carry a high risk of causing physical harm or injury to the individual involved or to others.

Initial Arousal

The initial phase of physiological and psychological excitement or alertness triggered by stimulus or thought.

Professional Revenue Model

A business model that is designed to generate income by providing professional services.

Cost Of Material

The expense incurred from acquiring the raw materials needed to manufacture a product or complete a project.