[startupcfo]

MCQ #1199

Which of the following is a false statement regarding restrictions on the use of an accountant’s compilation or review report on subject matter or presentations based on measurement or disclosure criteria contained in contractual agreements or regulatory provisions?

A.
Accountant’s reports on subject matter or presentations prepared in conformity with an OCBOA are ordinarily not restricted regarding use.

B.
If an accountant issues a single combined report covering both subject matter or presentations that require a restriction and subject matter or presentations that do not ordinarily require a restriction, use of the combined report should be restricted to the specified parties.

C.
Where required by law or regulation, a separate restricted-use report may be included in a document that also contains a general-use report.

Correct D.
If an accountant issues a document including both a separate restricted-use report and a general-use report, both reports should be restricted to the specified parties.

I showed this to an auditor who has a CPA – she said that B and D were the same thing, and D seemed like a TRUE statement, meaning it couldn’t be the correct choice. What gives?

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10