Question

What is the name of the committee of the AICPA that issues standards for compilation and review engagements?

1) Accounting and Review Services Committee
2) Compilation and Review Services Committee
3) Auditing and Review Services Committee
4) Auditing and Review Services Committee

Answer 1

The correct answer is option 3) Auditing and Review Services Committee.

Step-by-step explanation:

The correct answer is option 3) Auditing and Review Services Committee. This committee of the AICPA (American Institute of Certified Public Accountants) is responsible for issuing standards for compilation and review engagements. They provide guidance and establish best practices for accountants who perform these types of engagements. For example, the committee sets requirements for the conduct of compilations and reviews, specifies the form and content of the accountant's report, and establishes the general standards to be followed during the engagement.