An Accountant's Standard Report Issued After Compiling the Financial Statements

question 35

Multiple Choice

An accountant's standard report issued after compiling the financial statements of a nonpublic entity should state that:

• A)The accountant is not aware of any material modifications that should be made to the accompanying financial statements.
• B)A compilation consists principally of inquiries of company personnel and analytical procedures.
• C)A compilation provides no form of assurance on the financial statements.
• D)A compilation is greater in scope than a financial statement preparation form of association,but lesser than an audit.

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Definitions:

Genitourinary Syndrome

A collection of symptoms and signs associated with a decrease in estrogen and other sex steroids involving changes to the genital and urinary organs.

Menstrual Flow

The shedding of the uterine lining that occurs in cycles, typically monthly, in individuals of reproductive age without pregnancy.

Vulvovaginal Atrophy

Thinning, drying, and inflammation of the vaginal walls that occurs after menopause due to decreased estrogen levels.

Dyspareunia

Painful intercourse experienced by either sex but more commonly by women, related to medical or psychological causes.