It Is the End of the Client's First Quarter and Bill

question 30

Multiple Choice

It is the end of the client's first quarter and Bill Smith,CPA has been engaged to perform a compilation and to issue a compilation report on the financial statements.The client does not wish to present notes to the financial statements.The appropriate report includes:

• A)Qualified opinion ("subject to" the omission of the notes).
• B)Compilation report with an adverse opinion due to inadequate disclosure.
• C)Standard compilation report.
• D)Compilation report with an indication that all required disclosures under GAAP may not be presented with the statements.

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Definitions:

Procedural Law

The rules governing the process by which courts hear and determine what happens in civil lawsuit, criminal, or administrative proceedings.

ABA

American Bar Association; a professional organization for attorneys designed to set academic standards for law schools and codes of ethics in the US.

Paralegal Training Programs

Programs designed to equip individuals with the necessary skills and knowledge to work as paralegals, supporting lawyers in various tasks.

Substantive Law

The part of law that deals with the rights and duties of individuals or legal entities, as opposed to procedural law which governs how legal processes are conducted.