sample compilation reports

In October 2013, the ARSC issued an exposure draft to revise the compilation standards. Two of the major changes are a requirement for the engagement letter to be signed by management and a completely new comp report.

The ED is Proposed Statements on Standards for Accounting and Review Services: Preparation of Financial Statements, Compilation  Engagements, and Association With Financial Statements

One key change is a signed, written engagement will be required for a compilation report.  That is discussed in a previous post,

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Proposed revision to compilation rules, including new reportsRead More »

Omission of cash flow statement– Compilation reports will change for organizations with fiscal years ending after December 15, 2010. Here is the modified report I will be using after the first of the year for my non-profit clients if any would choose to omit the statement of cash flow. I doubt that will happen in my client base, but wanted to make this example available to the CPA community.

Update – SSARS 19 had been replaced by SSARS 21. All the reports have been revised. See:

• Flash update on SSARS #21
• Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.
• Sample compilation report under SSARS 21
• Sample accountant’s review report for SSARS 21
• Video overview of SSARS 21
• New risk alerts for 2014/2015 are available

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SSARS 19 – Sample compilation report for omitting the statement of cash flowRead More »

Omission of substantially all disclosures — Compilation reports will change for organizations with fiscal years ending after December 15, 2010. I have prepared a modified report for departure from GAAP.  Here is the report I will be using after the first of the year for my non-profit clients if any choose to omit all disclosures.  Please feel free to copy, but make sure you modify this based on your firm’s policies.

Update – SSARS 19 had been replaced by SSARS 21. All the reports have been revised. See:

• Flash update on SSARS #21
• Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.
• Sample compilation report under SSARS 21
• Sample accountant’s review report for SSARS 21
• Video overview of SSARS 21
• New risk alerts for 2014/2015 are available

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Compilation reports will change starting December 31, 2010.  Some sample reports follow.

Update – SSARS 19 had been replaced by SSARS 21. All the reports have been revised. See:

• Flash update on SSARS #21
• Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.
• Sample compilation report under SSARS 21
• Sample accountant’s review report for SSARS 21
• Video overview of SSARS 21
• New risk alerts for 2014/2015 are available

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SSARS 19 Compilation reports for NPOsRead More »