It is the end of the client's first quarter and Bill Smith, CPA has been engaged to perform a compilation and to issue a compilation report on the financial statements. The client does not wish to present notes to the financial statements. The appropriate report includes:
A. Qualified opinion ("subject to" the omission of the notes).
B. Compilation report with an adverse opinion due to inadequate disclosure.
C. Compilation report with an indication that all required disclosures under GAAP may not be presented with the statements.
D. Standard compilation report.
Answer: C
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