Choice "A" is correct. A review of quarterly financial data included in financial statements of a nonissuer is performed under Statements on Auditing Standards, not under PCAOB standards. A review of interim financial information under PCAOB standards is conducted for public companies (or companies anticipating going public).
Choice "b" is incorrect. When an entity is required by the SEC to file a quarterly report, the SEC also requires that an independent accountant perform a review (of the interim financial information) in accordance with PCAOB standards before the report is filed.
Choice "d" is incorrect. When a company is required by the SEC to include selected quarterly financial data in its annual report or in other SEC filings, a review (of the interim financial information) in accordance with PCAOB standards is required.
Choice "c" is incorrect. An accountant performing an initial audit of financial statements that include selected quarterly data should also perform a review (of the interim financial information) in accordance with PCAOB standards as part of the overall audit.
