[Anonymous]

Hey Guys,

Quick question regarding opinions for Comps and Reviews. Is a Comp defaulted to have a disclaimer opinion since it provides no assurance? Also, when a modification is necessary for a Review is that considered a disclaimer as well?

[stoleway]

The nature of compilation and review reports actually makes it a disclaimer because both reports includes a statement that the financial statement have NOT been audited.

Bear in mind that an auditor is literally issuing a disclaimer when he or she says ” I have not audited or reviewed”

I believe both compilation and reviews are defaulted to have a disclaimer and modifying the report is only to bring readers attention to something that the auditor deemed very important

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

The nature of compilation and review reports actually makes it a disclaimer because both reports includes a statement that the financial statement have NOT been audited.

Bear in mind that an auditor is literally issuing a disclaimer when he or she says ” I have not audited or reviewed”

I believe both compilation and reviews are defaulted to have a disclaimer and modifying the report is only to bring readers attention to something that the auditor deemed very important

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

Thanks,

I thought so, just wasn't sure if it was an Actual disclaimer just like disclaiming an opinion

[Anonymous]

Thanks,

I thought so, just wasn't sure if it was an Actual disclaimer just like disclaiming an opinion

[kevinco]

I'm not sure whether the statement that the f/s have not been audited is included in a comp, I think the disclaimer is implicit since the report states that they provide no assurance

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[kevinco]

I'm not sure whether the statement that the f/s have not been audited is included in a comp, I think the disclaimer is implicit since the report states that they provide no assurance

Boise State Alumni

05/08/13 FAR Passed - 80
07/09/13 AUD Passed - 96
10/10/13 REG Passed - 75
11/07/13 BEC 77!!! I am DONE!!!!!!!!
12/13/2013 Received my CPA license on my son's 6th birthday in the mail! My son is always a blessing!!

BS - Environmental Science
BBA - Accountancy

Becker Lectures and MCQs. Click on my avatar for my LinkedIn page.

[Anonymous]

Nice improvement on Reg…Feel free to share how you increased your score so much

[Anonymous]

Nice improvement on Reg…Feel free to share how you increased your score so much

[Iron_Victory]

I would stay away from that verbiage as it could get confusing.

Compilations you are correct no opinion is given. Though if you think of it like a disclaimer of opinion I guarantee you will fool yourself on some of the questions and corresponding answers.

On a review or a compilation you are not forming an opinion on the F/S. SO you could not disclaim it because it isn't there in the first place.

AUD - (74),78
BEC - 85
FAR - 86
REG - 84

[Iron_Victory]

I would stay away from that verbiage as it could get confusing.

Compilations you are correct no opinion is given. Though if you think of it like a disclaimer of opinion I guarantee you will fool yourself on some of the questions and corresponding answers.

On a review or a compilation you are not forming an opinion on the F/S. SO you could not disclaim it because it isn't there in the first place.

AUD - (74),78
BEC - 85
FAR - 86
REG - 84

[stoleway]

The contributions made by Kevinco and Ironvictory I must admit carries more weight , they nailed it so they probably know much better. understanding the concepts in depth will also help you tremendously since reviews and compilations are heavily tested.

Back to your question on my REG score….

I used Gleim for REG on my first attempt, I changed the approach on the second attempt by supplementing with the Wiley test bank. The key is to practice, practice and practice.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

The contributions made by Kevinco and Ironvictory I must admit carries more weight , they nailed it so they probably know much better. understanding the concepts in depth will also help you tremendously since reviews and compilations are heavily tested.

Back to your question on my REG score….

I used Gleim for REG on my first attempt, I changed the approach on the second attempt by supplementing with the Wiley test bank. The key is to practice, practice and practice.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Author]

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