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please say whether or not each procedure was contemplated correctly. all the other responses on chegg right now to this question are wrong . Select
please say whether or not each procedure was contemplated correctly. all the other responses on chegg right now to this question are wrong .
Select an option below Procedure is contemplated Procedure is not contemplated. CANCEL RESET ACCEPTI items througn 12 state unrelated activities that an accountant may consider undertaking in separate engagements to (1) review the financial statements of a nonissuer (a review). (2) compile the financial statements of a nonissuer (a compilation), and (3) prepare the financial statements of a nonissuer (a preparation). Select from the option lists provided whether each activity is contemplated for a review, compilation, and preparation Make three selections for each item Review Compilation Preparation Am ! ! !! E E !!!!!! !!!!!! Activity 1. The accountant establishes an understanding with the entity about the nature and limitations of the services to be performed 2. The accountant issues a report 3. The accountant obtains a level of knowledge of the accounting principles and practices of the entity 4. The accountant assesses fraud risk 5. The accountant performs analytical procedures designed to identify relationships that appear to be unusual 6. The accountant obtains an understanding of internal control 7. The accountant sends a letter of inquiry to the entity's legal counsel to corroborate the information furnished by management concerning litigation 8. The accountant obtains written representations from management of the entity 9. The accountant communicates to the entity's senior management illegal employee acts discovered by the accountant that are clearly Inconsequential 10. The accountant makes inquiries about events subsequent to the date of the financial statements that have a material effect on the financial statements 11. The accountant modifies the accountant's report for a change in accounting principles that is adequately disclosed. 12. The accountant performs specific procedures to evaluate whether cubstantial doubt exists about the intity's ability to continue as a going Encom E E E E TE Step by Step Solution
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