An entity engaged an accountant to review its financial statements in accordance with Statements on Standards for Accounting and Review Services. The accountant determined that the entity maintained its accounts on a comprehensive basis of accounting other than generally accepted accounting principles (GAAP). In this situation, the accountant most likely would have taken which of the following actions?
A. Withdrawn from the engagement because the entity has not been following GAAP.
B. Advised management to make the adjustments necessary for the account balances to conform with GAAP.
C. Modified the review report to reflect the fact that the financial statements were presented on another comprehensive basis of accounting.
D. Requested that management justify the use of the other comprehensive basis of accounting in the management representation letter.

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Queenkiyahh1656 Queenkiyahh1656

10-12-2022
Business

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An entity engaged an accountant to review its financial statements in accordance with Statements on Standards for Accounting and Review Services. The accountant determined that the entity maintained its accounts on a comprehensive basis of accounting other than generally accepted accounting principles (GAAP). In this situation, the accountant most likely would have taken which of the following actions?
A. Withdrawn from the engagement because the entity has not been following GAAP.
B. Advised management to make the adjustments necessary for the account balances to conform with GAAP.
C. Modified the review report to reflect the fact that the financial statements were presented on another comprehensive basis of accounting.
D. Requested that management justify the use of the other comprehensive basis of accounting in the management representation letter.

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anshumanaryan799 anshumanaryan799 · Answer 1 · 2022-12-16T15:26:20+01:00

In this situation, the accountant most likely would have taken the action to modify the review report to reflect the fact that the financial statements were presented on another comprehensive basis of accounting.

Financial statements (or financial reports) are kinda records of the financial activities associated with the degree position of a business, person, or different entity. Relevant financial data is bestowed in an exceedingly structured manner and in a form that is simple to understand. for big corporations, these statements could also be complicated and will embody an intensive set of footnotes to the financial statements and management discussion and analysis.

The notes usually describe every item on the balance sheet, operating statement, and income statement in additional detail. "The objective of economic statements is to supply information about the financial position, performance associate degree changes in the monetary position of an enterprise that's helpful to a large variety of users in creating economic decisions."

Learn more about financial statements here: https://brainly.com/question/26240841

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