Before Issuing a Report on the Compilation of Financial Statements

question 91

Multiple Choice

Before issuing a report on the compilation of financial statements of a nonpublic entity,the accountant should

• A) Apply analytical procedures to selected financial data to discover any material misstatements.
• B) Corroborate at least a sample of the assertions management has embodied in the financial statements.
• C) Inquire of the client's personnel whether the financial statements omit substantially all disclosures.
• D) Read the financial statements to consider whether the financial statements are free from obvious material errors.

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Definitions:

Filter

A feature or process that removes unwanted parts of data or information based on specific criteria, enhancing the focus on relevant details.

Field

An area of study or interest, or a specific area designated for text or data entry in databases and forms.

Table Tools Fields

A set of specific tools and options in database or spreadsheet software that allow users to modify and work with fields in a table.

Calculated Field

In databases and spreadsheets, a field that gets its value by performing a calculation on values in other fields.