may an accountant accept an engagement to compile or review the financial statements 602287

May an accountant accept an engagement to compile or review the financial statements of a not-for-profit entity if the accountant is unfamiliar with the specialized industry accounting principles, but plans to obtain the required level of knowledge before compiling or reviewing the financial statements?

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Compilation

Review

a.

No

No

b.

Yes

No

c.

No

Yes

d.

Yes

Yes

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