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A CPA, is requested to prepare a written report on the application of the requirements of...

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Accounting

A CPA, is requested to prepare a written report on theapplication of the requirements of an applicable financialreporting framework to a specific transaction by an entity that isaudited by another CPA. Should they accept the engagement? If so,must he consult with the continuing CPA?

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For answering this question we should know the meaning of the following terms Continuing accountant An accountant who has been engaged to report on the financial statements of a specific entity Hypothetical transaction A transaction or financial reporting issue that does not involve facts or circumstances of a specific entity Reporting accountant An accountant other than a continuing accountant in public practice who prepares a written report or provides oral advice on the application of the requirements of an applicable financial    See Answer
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