compilations.......

  • Thread starter ~^ beancounter ~^
  • Start date

B

~^ beancounter ~^

who can perform a compilation? does the accountant have to be a cpa to
sign the standard letter? does it have to be performed by a cpa firm
.... or, can a "public accountant" (non-cpa) do this type of
review....??...thanx....
 
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P

Paul A Thomas

~^ beancounter ~^ said:
who can perform a compilation?

Anybody can.

does the accountant have to be a cpa to sign the standard letter?
I suppose a "compilation report" can be prepared and signed by anyone. But,
in the instance of a CPA prepared compilation report, it should be signed by
the CPa or the firm.


does it have to be performed by a cpa firm
... or, can a "public accountant" (non-cpa)
do this type of review

A "review" is not a "compilation".
 
B

~^ beancounter ~^

right, my real question is...can a business consulting firm (in
colorado) with
a current licensed CPA employee .... provide a compilation letter to a
client ?

or, does the consulting firm have to be a CPA firm? ... Compilation
letter,
no review or audit.....

thanx !!
 
M

Michael Kidd

~^ beancounter ~^ said:
right, my real question is...can a business consulting firm (in
colorado) with
a current licensed CPA employee .... provide a compilation letter to a
client ?

or, does the consulting firm have to be a CPA firm? ... Compilation
letter,
no review or audit.....

thanx !!
Compilations do not require a CPA nor do they require the person
completing the compilation to be independent.

mike
 
P

Paul A Thomas

~^ beancounter ~^ said:
right, my real question is...can a business consulting firm
(in colorado) with a current licensed CPA employee ....
provide a compilation letter to a client ?

If he compiled the financial statement in accordance with AICPA guidelines,
basically GAAP or OCBOA he is required to issue a report.


or, does the consulting firm have to be a CPA firm?

State law may dictate that to some degree.
 
B

~^ beancounter ~^

Michael>> "nor do they require the person
completing the compilation to be independent"

what does this mean.....if an accountant works for xyz
mfg co, they can "issue" a compilation letter (on their
own entity) ?
 
B

~^ beancounter ~^

And a "compilation" is not a "review".

right, one "digs" much deeper in a review
vs. a compilation, right?
 
P

Paul A Thomas

~^ beancounter ~^ said:
Michael>> "nor do they require the person
completing the compilation to be independent"

what does this mean.....if an accountant works for xyz
mfg co, they can "issue" a compilation letter (on their
own entity) ?


If they sign it as "Joe Employee, CPA" then they need a compilation letter
that also says they are no independent of the entity.

If they sign it as "CFO" or "Controller" then it's quite obvious that they
are not independent of the entity.

At least that's how I remember the screwball language to read.
 
?

!-!

Very briefly, "right !" Comparison of a couple of examples of each
type of report will give a very small hint as to the differences.
Detailed standards for each type of report are specified in each
jurisdiction by the recognized professional associations and/or the
authorized licensing bodies and/or state and/or federal legislation -
the specifics vary somewhat from state to state and country to
country.
 
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P

Paul A Thomas

!-! said:
Detailed standards for each type of report are specified in each
jurisdiction by the recognized professional associations and/or the
authorized licensing bodies and/or state and/or federal legislation -
the specifics vary somewhat from state to state and country to
country.

While there probably are professional differences between countries with
respect to compilations, reviews and audits, there isn't any difference (or
supposed to be any) between identical reports issued in differing states.
So an audit in Alabama isn't any different than an audit in Maine.

Except to say that the Alabama auditor might be related to the client.....
 
D

Dave

Paul A Thomas said:
While there probably are professional differences between countries with
respect to compilations, reviews and audits, there isn't any difference (or
supposed to be any) between identical reports issued in differing states.
So an audit in Alabama isn't any different than an audit in Maine.

Except to say that the Alabama auditor might be related to the client.....
I thought that was in Georgia (maybe along the Alabama border
 
P

Paul A Thomas

Dave said:
I thought that was in Georgia (maybe along the Alabama border


There's probably a fair share of it here too.

Seems a lot of people are "cousins" of someone else.
 
D

David Samuel Barr

Paul said:
They put that to music?
The song was written in 1947 by Dwight Latham and Moe Jaffe, originally
published by General Music Publishing Company, Inc. (one of my former
clients), which was acquired in 1984 by Screen Gems-EMI Music.

In 1973, Latham wrote that he and Jaffe got the idea for the song in the
1930s from a book of writings by Mark Twain which included a paragraph
in which it was posited that a man could become his own grandfather
through a series of events similar to those which open the song; Latham
told the story on a radio show he had on NBC, and it received a good
audience response, so later he & Jaffe expanded the progression to fill
several verses and set the results to music. However, since that
disclosure various attempts by numerous people to identify the original
Twain paragraph have come up dry, so it's possible that Latham
misremembered the source of their inspiration or, for some unknown
reason, invented the account altogether.

There are various other older songs which address the basic concept of
odd family relationships resulting from intergenerational marriages and
the issue therefrom, but this is by far the most popular one.
 
B

~^ beancounter ~^

you can hear it/see it in the movie "the stupids"...

we sat out on a deck, in avalon this summer (after
a few beers) and heard a local musican sing it...its
pretty funny...i'll bet it is hard to memorize the lyrics...

the kids always get a kick out of it...
 
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who can perform a compilation? does the accountant have to be a cpa to
sign the standard letter? does it have to be performed by a cpa firm
.... or, can a "EA" (non-cpa) do this type of
review....??...thanx....
 

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