Posts Tagged ‘sample compilation reports’
Sample compilation report under SSARS 21
Update: If you are checking out the requirements for compilation reports, you might benefit from buying a Primer on Compilation and Preparation engagements under SSARS #21. Book is written by my friend, Charles Hall, CPA. For Wednesday 12/2 the price is a mere $0.99.
Here is the new compilation report that will be used when SSARS 21 goes into effect.
I will provide three examples. First, the illustrative standard report. Second, modification of the standard report for a sole practitioner. Third, modification for a non-profit organization.
Copy and paste at your own risk.
Illustrative standard report Read the rest of this entry »
Proposed revision to compilation rules, including new 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.
One key change is a signed, written engagement will be required for a compilation report. That is discussed in a previous post,
Sample compilation and review reports under SSARS 19 for NPOs
(cross-post from my other blog, Nonprofit Update.)
Update – SSARS 19 had been replaced by SSARS 21.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
Here is a list of the sample reports under SSARS available on my blogs.
Reports on comparative financial statements under SSARS 19
Oops! Looks like I got a little ahead of the professional literature when I drafted samples of comparative review and compilation reports. SSARS 19 does not explicitly address comparative financials.
What’s the issue?
Update – SSARS 19 had been replaced by SSARS 21. The entire body of knowledge has 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
SSARS 19 – Sample compilation report for omitting the statement of cash flow
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
SSARS 19 – Sample compilation report for omitting substantially all disclosures
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
SSARS 19 report titles and addressing
cross-post from www.ulvog.wordpress.com.
SSARS 19, which goes into effect the end of 2010, specifies titles and addressing for compilation and review reports.
