Provide a brief definition of a compilation

Reference no: EM1375404

a. Explain the reporting options when there is a material problem identified in financial statements (i.e., they are not in orthodoxy with GAAP). Also explain the reporting options when there is a material problem with audit (i.e., in some way auditor could not follow GAAS). Include in your answer both the kind of opinion and which paragraphs would be affected.

b. Provide a brief definition of a compilation and a review performed in accordance with SSARS. Include the kind of assurance provided. Also, explain one difference in auditor's procedures when conducting a evaluation under SSARS vs. a review of interim financial information conducted under auditing standards.

Reference no: EM1375404

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