Compiled Financial Statements Should Be Accompanied by a Report Stating

question 1039

Multiple Choice

Compiled financial statements should be accompanied by a report stating that:

• A) A compilation is substantially less in scope than a review or an audit in accordance with generally accepted auditing standards.
• B) The accountant does not express an opinion but expresses only limited assurance on the compiled financial statements.
• C) A compilation is limited to presenting in the form of financial statements information that is the representation of management.
• D) The accountant has compiled the financial statements in accordance with standards established by the Auditing Standards Board.

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Definitions:

Writ of Certiorari

A writ from a higher court asking a lower court to send it the record of a case for review. The United States Supreme Court uses certiorari to review most of the cases it decides to hear.

U.S. Courts of Appeals

Intermediate appellate courts in the federal court system that review decisions of federal district courts, regulatory commissions, and other federal courts.

District Court Decisions

Rulings or judgments made by District Courts, which are often initial points of litigation within the federal or state court systems.

Circuit Courts

Courts that have jurisdiction over a specific geographic area or circuit, handling appeals and serious criminal and civil cases.