Answered: attestation engagement

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 10MC

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Question

A client asks a CPA for attest engagement services relating to the assertion that the client has the lowest overall prices of all the groceries stores in the city. The client is not stating that they have the lowest price on all items they sells, but "on the whole" their prices are lower than those of the competition. The client plans to use the results of the atttesation engagment for marking purposes.

Is such an attestation engagement acceptable especially when the resulting report is to be used for advertising purposes? What engagement criteria would be suitbable?

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