According to the Code of Professional Conduct,what Response Is Appropriate

question 55

Multiple Choice

According to the Code of Professional Conduct,what response is appropriate when an accountant,who is not independent,performs a compilation of financial statements?

• A) The accountant should indicate in the last sentence of the report that he/she is not independent.
• B) The accountant should withdraw from the engagement.
• C) The accountant should express a disclaimer opinion on the compilation.
• D) The accountant should express an adverse opinion on the compilation.

---

Definitions:

Contributions

Payments or services provided to a common fund or collection.

Semi-annually Compounded

A method of calculating interest where the interest is added to the principal amount twice a year, leading to growth at an exponential rate.

Semi-annual Payment

A payment made twice a year, often related to loans or investments requiring interest payments or installments.

Loan

Funds lent out that are anticipated to be returned along with an additional charge for usage, known as interest.