The new financial statement preparation service is not the same as the existing management-use-only compilation
The proposal would require CPAs who prepare financial statements, but are not engaged to perform a compilation
, review, or audit engagement, to request that management include a label or notation that makes clear that the financial statements were not audited, reviewed, or compiled.
Also, the standards for compilations
and review engagements have been separated.
are tasters and a gateway for a new audience to hear bands they don't know enough about to buy an album on spec.
Revises the definition of compilation
of financial statements in paragraph 100.
Dramatic practice changes have occurred over the past few years in regard to associations with financial statements under compilation
and review standards.
In sharp contrast to the vast literature concerning auditor liability in audits of" large, publicly traded companies by large public accounting firms, there is far less written about the important small-business sector and, specifically, its use of compilations
The standard's effective date is for compilations
and reviews of financial statements for periods ending on or after Dec.
Regulation 87(c) states that, "Course subject matter must pertain to financial statement preparation and/or reporting (whether such statements are prepared on the basis of generally accepted accounting principles or other comprehensive bases of accounting), auditing, reviews, compilations
, industry accounting, attestation services, or assurance services.
Gay fans love CD compilations
of club hits, but they may not know that many are pirated.