Other Types of Reports Flashcards
1
Q
Which of the following statements is correct regarding a review of a nonpublic entity’s financial statements in accordance with Statements on Standards for Accounting and Review Services (SSARS)?
A. The accountant is required to assess the risk of fraud.
B. It is not necessary for the accountant to obtain a management representation letter.
C. An opinion is expressed in the review report.
D. The accountant must be independent to issue the review report.
A
D. The accountant must be independent to issue the review report.
A review provides “negative assurance” for which the accountant is required to be independent.
