C accept the engagement because such engagements

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Unformatted text preview: engagement because it would be tantamount to rendering a piecemeal opinion. c. Accept the engagement because such engagements merely involve limited reporting objectives. d. Accept the engagement but should disclaim an opinion because of an inability to apply the procedures considered necessary. CPA-02302 Choice "c" is correct. An auditor may express an opinion on one financial statement, such as a balance sheet, and not on other related financial statements, provided that the auditor's procedures and access to all information underlying the basic financial statements have not been restricted. This is simply an engagement with limited reporting objectives. Choice "a" is incorrect. Compliance with this request would not violate any ethical standards of the profession. Choice "b" is incorrect. A "piecemeal" opinion, which is prohibited, is one in which different opinions are issued on enough different elements in the same financial statement as to constitute a "major portion" of the financial statements. Choice...
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