With a(n) _______ financial statement, the accountant has put the information into the required format and performed a limited review of the information provided by management.

Question 16 options:

compilation

review

audit

tax-ready

Respuesta :

Answer:

review

Explanation:

The review financial statement includes an examination or review of the company's financial information, and many times the accountant includes his/her opinion on the accounts reviewed. Once the financial statement review is done, the accountant should have some degree of certainty that the financial statements comply with the GAAP and no more material modifications are needed.

The difference between a compiled financial statement and a reviewed financial statement is that a compilation relies on the information given by management while during a review the accountant can check the information given and review it. An audited financial statement goes even further into checking and evening the financial statements.  

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