SCAQ Foundation ASF Practice Questions - SCAQ Foundation Assurance Examination Exam

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Under ISCA EP 100, an audit firm is requested to prepare the financial statements and accounting records for an audit client that is a Public Interest Entity (PIE). Which of the following statements best describes the ethical requirement?

The firm is strictly prohibited from preparing financial statements and accounting records for a PIE audit client. The firm may prepare financial statements if management takes full responsibility for all judgments. The firm may prepare financial statements if different personnel outside the audit team perform the compilation work. The firm may prepare financial statements provided total non-audit fees do not exceed audit fees.

Correct Answer:

The firm is strictly prohibited from preparing financial statements and accounting records for a PIE audit client.

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