Personal financial statements compilation report

Compilation is one types of engagements that practitioners face daily. This post will explain these services and the reporting practices associated with them, in addition to special reports generally associated with audit engagements. Engagements involving prospective financial statements and attestation services, should be viewed by the practitioner as an important area for practice expansion. A compilation of financial statements is limited to presenting in the form of financial statements information that is the representation of management or owners.

I will provide three examples. First, the illustrative standard report. Second, modification of the standard report for a sole practitioner. Third, modification for a non-profit organization.

Copy and paste at your own risk. I We did not audit or review the financial statements nor was were I we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, I we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

Notice there are no section headings. Please confirm for yourself. Repeating myself, that comment is in the Application and Other Explanatory Matter section. Putting the comment on each page is now in the category of best practice.

A21 says the city and state can be on the letterhead. Standard report modified for a sole practitioner I will modify the illustrative report for a sole practitioner. Also modified for single year presentation. I did not audit or review the financial statements nor was I required to perform any procedures to verify the accuracy or completeness of the information provided by management.

Accordingly, I do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Here is a sample report with a few more modifications: I think you will like it.Mark S.

SSARS 21, SSARS 22, SSARS 23 and SSARS 24 revised compilation and review report requirements

& Tonya A. Sample Personal Financial Statement Table of Contents Cover Page 1 Table of Contents 2 Accountant's Report 3 Statement of Financial Condition 4 Statement of Revenues & Expenses 5 Notes to the Financial Statment 6 My responsibility is to conduct the compilation in accordance with Statements on .

Sep 19,  · Estate & Personal Financial Planning Conference; the preparation of financial statements is separated from the reporting on these statements.

This means a compilation report is based solely on whether the CPA was engaged by the client to prepare one. Compilation engagements -- Provides guidance when an accountant is . May 01,  · SSARS 22 addresses independence, acceptance/continuance of client relationships, agreement on engagement terms, the accountant's knowledge and understanding of the entity's financial reporting framework, compilation procedures, the accountant's compilation report and documentation for the compilation of pro forma information.

Compiled financial statements, also referred to as unaudited statements, are not audited adequately and no opinion on the quality of the financial statements is given.

Statements and guarantees. Compilation Reports on Financial Statements Included in Certain Prescribed Forms Issue date, unless Illustrative Compilation Reports on Financial Statements Compilation Report When the Compiled Financial Statements Are.

Practice Issues – Personal Financial Statements, Pro Forma Financial Information, and More 4 SSARS No. 6, Reporting on Personal Financial Statements Included in Written Personal Financial Plans, may also apply to personal financial statement engagements. SSARS No. 6 provides an exemption from SSARS No.

1 (e.g., no compilation or review report is.