Accounting & Assurance Services
What are Prepared Financial Statements?
Prepared Financial Statements provide guidance for preparation of financial statement engagements. This standard allows CPAs to issue financial statements without a compilation report. A disclaimer (no assurance is provided) is required. Disclosures to the financial statements are not required. The CPA need not be independent.
Why would it
What are Compiled Financial Statements?
A Compilation provides guidance for compilation engagements whereby the CPA usually assists with the preparation of financial statements and then reads them to ensure they appear appropriate. Disclosures to the financial statements are not required, however, a compilation report is required and the CPA need not be independent
Why would a Compilation
Report be needed?
What are Reviewed Financial Statements?
A Review provides guidance for review engagements. The CPA usually assists with the preparation of financial statements and then makes inquiries and creates analytics. These procedures provide the basis for a limited assurance report and a review report is required. The financial statements are full-disclosure. The CPA must be independent.