Distinguish the three forms of compilation reports that a CPA can provide to clients. (Select all that apply.)
1) Compilation with full report A CPA firm issue a report with an opinion expressing that the financial statements are in accordance with applicable accounting standards.
2) Compilation With Full Disclosure Compilation of this type requires disclosures in accordance with accounting standards, the same as for audited statements.
3) Compilation Without Independence A CPA firm can issue a compilation report even if it is not independent with respect to the client, as defined by the Code of Professional Conduct. However, the CPA firm must state its lack of independence in the report.
4) Compilation That Omits Substantially All Disclosures This type of compilation is acceptable if the report indicates the lack of disclosures and the absence of disclosures is not, to the CPA's knowledge, undertaken with the intent to mislead users.
5) Compilation Limited A CPA firm issue a compilation report expressing limited assurance that the financial statements are in accordance with applicable accounting standards.