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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A. Withdrawn from the engagement because the entity has not been following GAAP.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.

Respuesta :

Financial statements (also known as financial reports) are official records of a person, business,financial operations and condition. An easy-to-understand format is used to provide pertinent financial data

in a systematic manner. They typically contain a management discussion and analysis and four fundamental financial statements: [1] A balance sheet, also known as a statement of financial condition, details the assets, liabilities, and owner equity of a business at a specific point in time. The income, costs, and profits of a business are reported in an income statement, also known as a profit and loss report (P&L report), statement of comprehensive income, or statement of revenue & expense. The operation of the business is detailed in the profit and loss statement. These are of sales and the numerous

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