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A practitioner has been hired to compile the unaudited financial statements of a nonissuer. The accountant’s...

A practitioner has been hired to compile the unaudited financial statements of a nonissuer. The accountant’s compilation report will include a statement that

a) The financial statements have been restricted to internal use only.

B) The accountant does not express any form of assurance on the financial statements.

C) Describes the limited procedures that were performed.

D) A compilation has been performed in accordance with GAAS.

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Answer #1

The Answer is “ B. The accountant does not express any form of assurance on the financial statements “

In case If any practitioner has been hired to compile the unaudited financial statements of a non-issuer, then he/she should include a statement that “The accountant does not express any form of assurance on the financial statements “ in his/her accountant’s compilation report. Since they are not doing any audit of financial statements , they just compiling the financial statement and therefore, they are not bound to express any form of assurance on the financial statements.

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