What is the Compilation of Financial Statements?
The CPA is requested to comply with certain requirements during the compilation of financial statements. Those are:
⦁ Ample knowledge of the industry along with holding a clear understanding with the client about the services
⦁ Holding enough knowledge about the applicable accounting principles
⦁ Re-checking the financial statements to see if everything complies with the applicable accounting principles
⦁ Generating a report stating that the compilation complies with the AICPA professional standards with no assurance over the compliance of the statements to be as per the accepted accounting principles
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