Disclose Lack of Independence in Auditor's Report for Compilation

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  • March 30, 2015 at 3:06 pm #192995
    shanek327
    Participant

    Where in the report should this be done?

    FAR - 75
    AUD - 78
    BEC - 82
    REG - 77

    2 Corinthians 5:21

    Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

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  • March 30, 2015 at 3:12 pm #660114
    ruggercpa2b
    Participant

    I just looked this up because I know that you dont have to be independent to do a compilation. However, if independence is impaired then you can tell the client and based on the link below this can be disclosed in the engagement letter.

    https://www.aicpa.org/Research/Standards/CompilationReview/DownloadableDocuments/AR-00080.pdf

    AUD - 73, 72 retake 7/2/2016
    BEC - 8/20/2016
    REG - TBD
    FAR - TBD

    I am so ready for this nightmare to be over. Been at this way too long.

    March 30, 2015 at 3:17 pm #660115
    shanek327
    Participant

    so not in the auditor's report?

    FAR - 75
    AUD - 78
    BEC - 82
    REG - 77

    2 Corinthians 5:21

    Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

    March 30, 2015 at 3:24 pm #660116
    CPA soon
    Member

    Last paragraph of the compilation report.

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

    March 30, 2015 at 3:26 pm #660117
    CPA soon
    Member

    @rugger it has to be disclosed in the report. Reason as to why are not required but may be disclosed, however the lack of independence is required to be disclosed in the report.

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

    March 30, 2015 at 7:05 pm #660118
    Anonymous
    Inactive

    4th Paragraph.

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