A Compilation of Prospective Financial Statements Involves All of the Following

question 29

Multiple Choice

A compilation of prospective financial statements involves all of the following except:

• A) Performing analytical procedures.
• B) Assembling the statements based on the responsible party's assumptions.
• C) Issuing a compilation report.
• D) Considering whether the statements appear to be not obviously inappropriate.

---

Definitions:

Record Information

Pertains to the process of collecting, storing, and retrieving data related to a particular subject or activity.

People

Refers to the human users or participants in a system, organization, or a specific context, often considered in the design and development of products or services.

Contacts Arranged

The process of organizing personal or business contacts in a specific order or system for easier access.

Businesses

Organizations engaged in commercial, industrial, or professional activities, with the aim of generating profits by providing goods or services.