You are a CPA preparing the current year's return for a new client. During your...
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Accounting
You are a CPA preparing the current year's return for a new client. During your review of the prior year's return you discover an error. According to the Statement on Standards for Tax Services, what is your obligation as a CPA? Question 4 options: 1) Immediately notify the IRS. 2) Notify the client of the error and recommend appropriate action. 3) Immediately withdraw from the engagement. 4) Take corrective action on the prior year's return even if it does not affect the current year's return.
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