The Compilation Letter For Financial Statements is a fundamental document in U.S. financial reporting, particularly for smaller entities not requiring full audits. It is used when a client needs assistance in presenting financial information in accordance with professional standards, but doesn't require the level of assurance provided by an audit or review. The letter clearly outlines the responsibilities of both the accountant and management, acknowledging that while the accountant has applied professional expertise in the compilation, they have not performed audit or review procedures. This document is essential for compliance with SSARS requirements and provides necessary transparency about the nature and limitations of the compilation engagement.
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1. Engagement Identification: Clear identification of the financial statements being compiled and the period covered
2. Management Responsibilities: Statement of management's responsibility for financial statements and underlying information
3. Accountant's Responsibilities: Description of the accountant's compilation responsibilities and limitations
4. Scope Declaration: Statement that no audit or review was performed and no opinion is expressed
5. Professional Standards Reference: Reference to compliance with SSARS standards
1. Departure from GAAP: Required when financial statements depart from GAAP requirements
2. Independence Disclosure: Statement regarding independence issues when accountant is not independent
3. Special Purpose Framework: Description of any special purpose framework used when using framework other than GAAP
1. Compiled Financial Statements: The actual financial statements being compiled
2. Notes to Financial Statements: Required disclosures and explanatory notes
3. Supplementary Information: Additional schedules or information when applicable
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