Do you think a compilation of financial statements is (or it is not) identified as an...

Do you think a compilation of financial statements is (or it is not) identified as an attest-service?
Explain and give at least 2 examples of attestation and non-attestation service!

Solutions

Expert Solution

Compilation of financial statements is an attest-service. The third type of attestation service a CPA may provide is a compilation. In a compilation, the CPA complies with the books and records of a client without any performance of the substantive procedure, verification or confirmation of balances. Attestation services are when a certified public accountant expresses a conclusion about the reliability of company's financial statements. However private companies may undertake activities in which the other party may require some level attestation services. There are three types of attestation services: Compilation, Review, Audit. Nonattest services are services provided to a client that is not specifically related to the performance of an attest engagement. For example, non attest service includes activities such as financial statement preparation, cash to accrual conversions, reconciliation, and tax return preparation.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Do you think that you can prepare a single set of financial statements that is reasonably...

Do you think that you can prepare a single set of financial statements that is reasonably suitable for all major external users and their needs? Explain.

Do you think the financial statements provides ALL the necessary information to external users to make...

Do you think the financial statements provides ALL the necessary information to external users to make better decision? Mention any information that should be known by external users and not included in the financial statements? Q2: From a personal perspective, why do accountants have to divide the life of the entity into periods?

Q1 :Do you think the financial statements provides ALL the necessary information to external users to...

Q1 :Do you think the financial statements provides ALL the necessary information to external users to make better decision? Mention any information that should be known by external users and not included in the financial statements? Q2: From a personal perspective, why do accountants have to divide the life of the entity into periods? answer both Questions no hand writing or pics

how do you think a potential investor would view a startup company's financial statements? What would...

how do you think a potential investor would view a startup company's financial statements? What would the investor be looking for? Give examples.

why is scoliosis more frequently identified in females than in males? why do you think females...

why is scoliosis more frequently identified in females than in males? why do you think females often require more treatment than males diagnoised with scoliosis?

What is financial literacy? Do you think it's important? Why?

Think about the different types of financial statements you learned about in this unit (the income...

Think about the different types of financial statements you learned about in this unit (the income statement, statement of retained earnings, balance sheets, and statements of cash flow). If you were an investor, would you place more emphasis on any one particular financial statement? Why, or why not?

Identify two (2) pieces of information not included in the principal financial statements that you think...

Identify two (2) pieces of information not included in the principal financial statements that you think would be important to someone considering whether to invest in your company. Explain your reasons for believing that this information would be important in making an investment decision.

Identify two (2) pieces of information not included in the principal financial statements that you think...

Why do you think inventory management has such an impact on the financial stability of a...

Why do you think inventory management has such an impact on the financial stability of a company? Describe techniques that can be used to better control inventory.

Subjects