Reviews

[hr1000]

Does an accountant have to be a licensed CPA or registered CPA in the state of Illinois to perform Accounting Reviews for a potential client?

 

[bklynboy]

If by accounting review you mean perform audit work then the answer is yes. If you are merely assisting in compiling the accounting work (prepare financials, perform AP/AR, bookkeeping, consulting) then no. Only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements.

 

[hr1000]

r

If by accounting review you mean perform audit work then the answer is yes. If you are merely assisting in compiling the accounting work (prepare financials, perform AP/AR, bookkeeping, consulting) then no. Only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements.

Thanks

This would not be an audit or compilation but a Review.

 

[bklynboy]

In that case, my experience is that only a Certified Public Accountant is usually called upon to prepare a REVIEWED financial statement since the review process though less involved than an audit still has some testing done to VERIFY information. Typically, the Certified Public Accountant issues a report describing the scope of the review, its limitations, and findings. See below links which you should read more carefully as each state sets their own rules and I am not licensed in Illinois but in Section 11 implies a non-CPA can do a review pursuant to these rules

225*ILCS*450/**Illinois Public Accounting Act.
http://www.condocpa.com/images/CPALicensingIL.pdf