Discuss the special purpose bases that are covered in the SSARS
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Discuss the requirements for compilation of financial statements for small businesses using the AICPA’s Statement on Standards for Accounting and Review Services, section 80.
At a minimum, discuss the following topics:
The basic requirements of a preparer to compile a client’s financial statements.
Required documentation that must be produced/maintained.
Discuss the special purpose bases that are covered in the SSARS.
Provide an example of a compilation report
Include a situation where the accountant is not independent because they are the company’s outsourced accounting and tax firm.
Without prospective financial information