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Similar to an 'audit' but provides no assurance Non-public entities only. Follows SSARS CPA must understand client / industry Read FS and consider whether FS appear to be appropriate and free from obvious material error. Independence is not required mgmt rep letter is not required FS used by a 3rd party, CPA must issue a report and no engage. Letter required.
Similar to an 'audit' but provides no assurance Non-public entities only. Follows SSARS CPA must understand client / industry Read FS and consider whether FS appear to be appropriate and free from obvious material error. Independence is not required mgmt rep letter is not required FS used by a 3rd party, CPA must issue a report and no engage. Letter required.
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Similar to an 'audit' but provides no assurance Non-public entities only. Follows SSARS CPA must understand client / industry Read FS and consider whether FS appear to be appropriate and free from obvious material error. Independence is not required mgmt rep letter is not required FS used by a 3rd party, CPA must issue a report and no engage. Letter required.
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als DOC, PDF, TXT herunterladen oder online auf Scribd lesen
• CPA must understand client/industry • Read FS & consider whether FS appear to be appropriate & free from obvious material error. • CPA not required to make inquiries or perform other procedures to verify, corroborate, or review info supplied by the client. • If/when CPA becomes aware of incorrect etc info., CPA must obtain addt’l info or revised info from client. If client refuses to provide or correct info, CPA should withdraw from compilation. • Independence is not required • Mgmt rep letter is not required • FS used by a 3rd party, CPA must issue a report & no engage. letter required • FS used only by mgmt, CPA may either issue a report OR use an engagement letter re: services to be performed & limitation on use of FS. • Report date is the date compilation is completed & signature can be either manual or printed & doesn’t have to be on CPA’s letterhead. • Each page of FS is marked ‘see compilation report’ • Standard report is 2 paragraphs: • 1st Comp has been performed in accordance w/SSARS • 2nd Comp is limited to presenting in form of FS info that is representation of mgmt. FS have NOT been audited or reviewed & accordingly, CPA does NOT express opinion or any other form of assurance on them. • FS may omit note disclosures, but CPA must add a 3rd paragraph stating so. • When CPA is aware of GAAP departure (other than omission of note disclosures) a sentence ‘we did become aware of a departure from GAAP that is explained in the following paragraph’ is added to end of 2nd paragraph & then a 3rd paragraph would describe matter. • If comprehensive basis other than GAAP is used, 3rd para is added. If FS does not disclose basis of acctg used, CPA should disclose basis in comp report Completeness- All transactions and events have been recorded.
Proper period cutoff – Transactions & events have been
recorded in the correct accounting period.
Accuracy- Amounts & other data relating to recorded
transactions have been recorded appropriately.
Classification – Transactions and events have been
recorded in the proper accounts.
Occurrence- Transactions and events that have been
recorded have occurred and pertain to the entity
Completeness- All assets, liabilities & equity interests
have been recorded.
Allocation & Valuation - Assets, liabilities, and equity
interests are included at appropriate amounts.
Rights & obligations - The entity holds or controls the
rights to assets, & liabilities are the obligations of the entity