Please help: Compilation of Prospective FS

  • Creator
    Topic
  • December 4, 2017 at 3:17 pm #1674134
    Bianca
    Participant

    Can someone please verify the correct standards to apply in a compilation engagement?

    To my understanding when performing a Compilation of Prospective financial statements SSARS are to be used, but because a report is required it is still considered an attest engagement. Is this correct? If not someone please correct me!

    Thank you in advance!

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  • December 4, 2017 at 3:24 pm #1674140
    Paydirt123
    Participant

    Compilations fall under Statements Standards Accounting & Review Services (SSARS); with the recent issuance of new standard, compilations are no longer considered Attest engagements, but are governed as Accounting & Review Services.

    December 4, 2017 at 7:08 pm #1674239
    Operation_CPA
    Participant

    If we are sitting in Q4 – which one is it? Not trying to lose points because of something stupid.

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