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Is independence required when an accountant is engaged to either prepare or compile a client's financial statements? A) Option A B) Option B C) Option C D) Option D When performing a review of a nonpublic company, the auditors must obtain in a representation letter acknowledgement of management for its responsibility for each of the following except: A) Responsibility for identifying illegal acts committed by employees. B) Responsibility to prevent and detect fraud. C) Knowledge of any actual or suspected fraud that is material. D) Responsibility for the financial statements conforming with generally accepted accounting principles. The underwriter of a securities offering may request that an auditor perform specified procedures and supply certain assurances concerning unaudited information contained in a registration statement. The auditor's response to such a request is commonly called a: A) Review of interim financial information. B) Comfort letter. C) Compilation report for underwriters. D) Report under federal security statutes