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An accountant has been engaged to compile a non-issuer’s financial statements that contain several misapplications of accounting principles and unreasonable accounting estimates. Management is unwilling to revise the financial statements, and the accountant believes that modification of the standard compilation report is not adequate to communicate the deficiencies. Under these circumstances, the accountant should
A. Disclaim an opinion on the financial statements and advise the board of directors that the financial statements should not be relied upon.
B. Inform management that the engagement can proceed only if distribution of the accountant’s compilation report is restricted to internal use.
C. Determine the effects of the deficiencies and add a separate paragraph to the compilation report that describes the deficiencies and their effects.
D. Withdraw from the compilation engagement and provide no further services concerning these financial statements.
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