compilations.......

Discussion in 'Accounting' started by ~^ beancounter ~^, Sep 7, 2005.

  1. 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....
     
    ~^ beancounter ~^, Sep 7, 2005
    #1
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  2. Anybody can.

    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.



    A "review" is not a "compilation".
     
    Paul A Thomas, Sep 7, 2005
    #2
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  3. ~^ beancounter ~^

    !-! Guest

    And a "compilation" is not a "review".
     
    !-!, Sep 7, 2005
    #3
  4. 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 !!
     
    ~^ beancounter ~^, Sep 7, 2005
    #4
  5. ~^ beancounter ~^

    Michael Kidd Guest

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

    mike
     
    Michael Kidd, Sep 7, 2005
    #5

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



    State law may dictate that to some degree.
     
    Paul A Thomas, Sep 7, 2005
    #6
  7. 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) ?
     
    ~^ beancounter ~^, Sep 7, 2005
    #7
  8. And a "compilation" is not a "review".

    right, one "digs" much deeper in a review
    vs. a compilation, right?
     
    ~^ beancounter ~^, Sep 7, 2005
    #8


  9. 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.
     
    Paul A Thomas, Sep 7, 2005
    #9
  10. ~^ beancounter ~^

    !-! Guest

    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.
     
    !-!, Sep 8, 2005
    #10

  11. 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.....
     
    Paul A Thomas, Sep 8, 2005
    #11
  12. ~^ beancounter ~^

    Dave Guest

    I thought that was in Georgia (maybe along the Alabama border
     
    Dave, Sep 8, 2005
    #12


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

    Seems a lot of people are "cousins" of someone else.
     
    Paul A Thomas, Sep 8, 2005
    #13
  14. sorta like the song "i'm my own grandpa" ??
     
    ~^ beancounter ~^, Sep 9, 2005
    #14
  15. ~^ beancounter ~^

    Paul Guest



    They put that to music?
     
    Paul, Sep 9, 2005
    #15
  16. 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.
     
    David Samuel Barr, Sep 9, 2005
    #16
  17. 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...
     
    ~^ beancounter ~^, Sep 9, 2005
    #17
  18. ~^ beancounter ~^

    Leo Triantis

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    Owner/ Partner

    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....
     
    Leo Triantis, Apr 17, 2013
    #18
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