Final answer:
AR-C 80 provides guidance for the performance of compilation engagements (option 3) and is used in accounting to help practitioners understand their responsibilities when presenting financial statements without providing assurance. It does not cover materiality thresholds, fee arrangements, or audit engagement guidance.
Step-by-step explanation:
AR-C 80, Compilation Engagements is a standard within the field of accounting that provides the framework and guidelines for compilation engagements. Specifically, among the given options, AR-C 80 provides guidance for the performance of a compilation engagement (option 3). Compilation engagements are engagements where a practitioner assists management in presenting financial information in the form of financial statements without providing any assurance on those statements. AR-C 80 outlines the responsibilities of accountants when engaged in such tasks, including understanding the entity and its environment, and preparing and presenting financial statements in accordance with the applicable financial reporting framework.
AR-C 80 does not provide guidance on materiality thresholds (option 1), which is more relevant to assurance engagements such as reviews or audits. It also does not assist the auditor with respect to fee arrangements (option 2), as fee discussions are typically part of engagement contracts and are not specified in this standard. Lastly, AR-C 80 does not provide guidance for the performance of an audit engagement (option 4), as auditing standards are covered by other sections within professional standards, such as AU-C sections for audit engagements.