An accountant is engaged to perform a compilation of a nonissuer's financial statements. The entity omits substantially all disclosures required by GAAP. The accountant decides to accept the engagement. Which of the following statements must be included in the compilation report?

A statement that the accountant assumes no responsibility for the financial statements.

An adverse opinion stating that the financial statements are not in accordance with GAAP.

A restricted use paragraph limiting the report to management only.

A paragraph stating that management has elected to omit substantially all disclosures and that if the omitted disclosures were included, they might influence the user's conclusions.