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Appendic 3D-1 - Reporting Checklist

This checklist provides guidance for accountants to document reporting considerations for compilation engagements prior to the implementation of SSARS No. 21. It contains 15 questions addressing common reporting requirements such as whether the report title clearly indicates it is a compilation report, whether the report addresses the appropriate parties, and whether the report properly describes any departures from GAAP or omitted disclosures. The checklist is intended to help accountants exercise professional judgment and knowledge of SSARS requirements for compilation reports.

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Luis Enrique Altamar Ramos
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1K views2 pages

Appendic 3D-1 - Reporting Checklist

This checklist provides guidance for accountants to document reporting considerations for compilation engagements prior to the implementation of SSARS No. 21. It contains 15 questions addressing common reporting requirements such as whether the report title clearly indicates it is a compilation report, whether the report addresses the appropriate parties, and whether the report properly describes any departures from GAAP or omitted disclosures. The checklist is intended to help accountants exercise professional judgment and knowledge of SSARS requirements for compilation reports.

Uploaded by

Luis Enrique Altamar Ramos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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3‐44 CAR 4/15

APPENDIX 3D‐1

Compilation Reporting Checklist (Prior to the Implementation of SSARS No. 21)

Company:   Balance Sheet Date:  

Completed by:   Date Completed:  

Instructions:This checklist can be used to document reporting considerations for all compilation engage­
ments for which a report will be issued. It presents common reporting requirements for compiled financial
statements. It should be emphasized, however, that this checklist cannot be a substitute for an accountant’s
exercise of professional judgment and knowledge of SSARS. This checklist is only applicable to reports issued
under SSARS No. 19.

Yes N/A
1. Does the report include a title that clearly indicates that it is the accountant’s compilation
report? (The report title may indicate the accountant is independent, if applicable.)
2. Is the report addressed as appropriate in the circumstances of the engagement?
3. Is the report in accordance with the wording recommended in SSARS for a compilation?
4. Are all the financial statements covered by the report?
5. Does the report indicate the degree of responsibility, if any, taken for any supplementary
information?
6. Is the type of entity (corporation, partnership, etc.) apparent from the entity’s name or
disclosed parenthetically after the name or in a note?
7. If the financial reporting framework is not GAAP, do the financial statements referred to in
the report present proper OCBOA titles?
8. Are measurement departures from GAAP (or an OCBOA) described?
9. If the financial statements omit substantially all disclosures or include only selected
disclosures, has the report been modified to properly describe the omission?
10. If full‐disclosure financial statements omit required disclosures, have the omitted
disclosures been included in the report (if the information required to be disclosed has been
determined) or has the report been modified to specifically identify the nature of the omitted
disclosures?
11. If GAAP basis financial statements omit the statement of cash flows or comprehensive
income (if required), is the omission properly described in the report?
12. If the firm is not independent:
a. is the lack of independence noted in the last paragraph of the report? (The only type
of report that may be issued by a CPA who is not independent is a compilation report.)
b. and optional disclosure of the reason(s) for the lack of independence is made, are all
reasons for the lack of independence disclosed (discussed in section 606 of this
Guide)?
13. If comparative financial statements are presented, does the report comply with SSARS No.
2 (AR 200) (discussed in section 617 of this Guide)?

Appendix 3D‐1
CAR 4/15 3‐45

Yes N/A
14. If financial statements are presented in a prescribed form and the prescribed form or related
instructions call for a departure from GAAP (by either specifying a measurement principle
not in conformity with GAAP or failing to request disclosures required by GAAP), does the
report comply with SSARS No. 3 (AR 300)? (Chapter 13 of this Guide discusses SSARS No.
3 reports.)
15. Is the report dated as of the completion of the compilation procedures, and does it contain
a signature of the accounting firm or the accountant?

Appendix 3D‐1
(Continued)

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