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Our OBJECTIVE for compilation engagements is to present in
the form of financial statements information that is the
representation of management. No assurances may be given.
INSTRUCTIONS: This form specifies the procedures necessary
to comply with [the accounting firm’s] standards when
engaged to compile financial statements of nonpublic
entities in accordance with Statements on Standards for
Accounting and Review Services (SSARS). Form PF-06 is also
required documentation for compilation engagements.
We are not required by SSARS to make inquiries or perform
procedures to corroborate or review information supplied by
the client. Any information we may have indicating that
client-supplied data is incorrect, incomplete or
unsatisfactory must be addressed by us and resolved
regardless of the source of such data. [Emphasis in
originals.]
Berger prepared or supervised the preparation of
compilations of financial statements as checklists in preparing
the compilation financial statements for 1985 and 1986. The
introductory language of the compilations of financial statements
states the following as the compilation objectives:
A. To assist the client in presenting its financial data in
financial statement form. B. Determine that professional
standards for compilation engagements have been met and that
any significant matters that came to our attention have been
adequately considered and resolved.
Baybrook and petitioner were the contact personnel for the
Sley Corporations on the financial statement compilation programs
for 1981 through 1984, and on the compilation of financial
statements for 1985. Betsy and Wilson were the contact personnel
for the Sley Corporations on the compilation of financial
statements for 1986.
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