Choice "B" is correct. The auditor's report on summary financial statements derived from audited statements should indicate (1) that the CPA audited and expressed an opinion on the complete financial statements, (2) the date of the auditor's report on the complete financial statements, (3) the type of opinion expressed, and (4) whether, in the auditor's opinion, the information set forth in the summary financial statements is consistent, in all material respects, with the audited financial statements from which it was derived.
Choice "d" is incorrect. Summary financial statements are not prepared in conformity with a comprehensive basis of accounting other than GAAP.
Choice "a" is incorrect. The auditor's report on summary financial statements does not indicate whether they are fairly presented in all material respects; rather, the report indicates whether they are fairly presented in relation to the complete financial statements.
Choice "c" is incorrect. The auditor does not express an opinion (or provide any assurance) on whether summary financial statements conform with GAAP but only on whether such statements are fairly stated in relation to the complete financial statements.