Kell Engaged March, CPA, to Submit to Kell a Written

question 811

Multiple Choice

Kell engaged March, CPA, to submit to Kell a written personal financial plan containing unaudited personal financial statements. March anticipates omitting certain disclosures required by GAAP because the engagement's sole purpose is to assist Kell in developing a personal financial plan. For March to be exempt from complying with the requirements of SSARS 1, Compilation and Review of Financial Statements, Kell is required to agree that the:

• A) Financial statements will not be presented in comparative form with those of the prior period.
• B) Omitted disclosures required by GAAP are not material.
• C) Financial statements will not be disclosed to a non-CPA financial planner.
• D) Financial statements will not be used to obtain credit.

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Definitions:

Ziggurat at Ur

An ancient Mesopotamian temple complex noted for its massive step pyramid structure, serving both as a place of worship and a center of city administration.

White Temple

An ancient Sumerian temple located in Uruk, characterized by its bright white facade, which was intended to symbolize purity and divinity.

Enheduanna

An ancient Sumerian priestess and poet, known as one of the earliest named authors in world history, celebrated for her religious hymns.

Gilgamesh

A legendary Sumerian king and the main character in the Epic of Gilgamesh, one of the earliest known works of literary fiction.