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Exam AUD topic 1 question 198 discussion

Actual exam question from AICPA's AUD
Question #: 198
Topic #: 1
[All AUD Questions]

An accountant has compiled the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS).
The financial statements are expected to be used by a third party. Does SSARS require that the compilation report be printed on the accountant's letterhead and that the report be manually signed by the accountant?

  • A. Option A
  • B. Option B
  • C. Option C
  • D. Option D
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Suggested Answer: D 🗳️
Choice "D" is correct. SSARS does not require that the compilation report be printed on the accountant's letterhead, nor does it require a manual signature.
According to SSARS, a compilation report must state that a compilation has been performed, describe what a compilation is, and emphasize that since no audit or review was performed, no assurance is provided. Although a signature is required, it need not be manual.
Choices "A", "B", and "C" are incorrect, per the above Explanation.
by gemazyni at April 5, 2025, 4:18 p.m.

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