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| An accountant compiled the unaudited financial statements for Taylor Company, a nonissuer company. The financial statements contained a material misstatement that was not discovered in the compilation. The accountant issued a report that stated that the financial statements were fairly stated based on the limited evidence that he collected. Which of the following is true about the accountant’s liability to a third party who relies on the financial statements? A. The accountant will likely be held liable because an appropriately worded report was not issued. B. The accountant will likely be held liable because in compiling the financial statements he should have detected the misstatement. C. The accountant will not likely be held liable because the report indicated that limited evidence was collected. D. The accountant will not likely be held liable because he only compiled the financial statements. |