EBK AUDITING & ASSURANCE SERVICES: A SY
EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Chapter 21, Problem 21.31P

A

To determine

Introduction: The compilation of financial statements is done by an accountant. The accountant only compiles the statements and does not audit such statements. The accountant is not responsible for verifying the transactions and numbers in the financial statements, so statements compiled by an accountant should not be considered as true and fair unlike certified financial statements.

To explain: The steps an accountant takes when conducting a compilation of prospective financial statements.

B

To determine

Introduction: The compilation of financial statements is done by an accountant. The accountant only compiles the statements and does not audit such statements. The accountant is not responsible for verifying the transactions and numbers in the financial statements, so statements compiled by an accountant should not be considered as true and fair unlike certified financial statements.

To prepare: The standard compilation report for CLP.

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