skip navigation

PUBLICATIONS

Register for Latest Research

Stay Informed
Register with NCJRS to receive NCJRS's biweekly e-newsletter JUSTINFO and additional periodic emails from NCJRS and the NCJRS federal sponsors that highlight the latest research published or sponsored by the Office of Justice Programs.

NCJRS Abstract

The document referenced below is part of the NCJRS Virtual Library collection. To conduct further searches of the collection, visit the Virtual Library. See the Obtain Documents page for direction on how to access resources online, via mail, through interlibrary loans, or in a local library.

 

NCJ Number: 66880 Find in a Library
Title: STATEMENT ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES NO 1 - COMPILATION AND REVIEW OF FINANCIAL STATEMENTS
Journal: JOURNAL OF ACCOUNTANCY  Volume:147  Issue:3  Dated:(MARCH 1979)  Pages:112-121
Author(s): ANON
Corporate Author: American Institute of Certified Public Accountants
United States of America
Date Published: 1979
Page Count: 9
Sponsoring Agency: American Institute of Certified Public Accountants
Jersey City, NJ 07311-3881
Format: Article
Language: English
Country: United States of America
Annotation: THE COMPILATION AND REVIEW OF FINANCIAL STATEMENTS OF A NONPUBLIC ENTITY ARE DEFINED, AND GUIDANCE IS PROVIDED TO ACCOUNTANTS ON THE STANDARDS AND PROCEDURES APPLICABLE TO SUCH ENGAGEMENTS.
Abstract: THE GENERAL STANDARDS TO WHICH THE ACCOUNTANTS MUST COMPLY ARE SET FORTH IN RULE 201 OF THE RULES OF CONDUCT OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS' CODE OF PROFESSIONAL ETHICS. THIS STATEMENT WILL BE EFFECTIVE FOR COMPILATIONS AND REVIEWS OF FINANCIAL STATEMENTS FOR PERIODS ENDING ON OR AFTER JULY JULY 1, 1979. DEFINITIONS ARE PROVIDED FOR A 'NON PUBLIC ENTITY,' 'FINANCIAL STATEMENT,' 'COMPILATION OF FINANCIAL STATEMENTS,' AND 'REVIEW OF FINANCIAL STATEMENTS.' THE GENERAL DISCUSSION CONSIDERS THE ACCOUNTANT'S REPORTING OBLIGATION AND THE ACCOUNTANT'S UNDERSTANDING OF THE ENTITY. THE SECTION ON COMILATION OF FINANCIAL STATEMENTS EXAMINES REPORTING ON THE FINANCIAL STATEMENTS, REPORTING ON FINANCIAL STATEMENTS THAT OMIT ALL DISCLOSURES, AND REPORTING WHEN THE ACCOUNTANT IS NOT INDEPENDENT. ALSO DISCUSSED ARE THE REVIEW OF FINANCIAL STATEMENTS, DEPARTURES FROM GENERALLY ACCEPTED ACCOUNTING PRINCPLES, SUBSEQUENT DISCOVERY OF FACTS EXISTING AT DATE OF REPORT, THE HANDLING OF SUPPLEMENTARY INFORMATION, CHANGE IN ENGAGEMENT FROM AUDIT TO REVIEW OR COMPILATION, AND COMPARATIVE FINANCIAL STATEMENTS. THE APPENDIXES CONTAIN ILLUSTRATIVE INQUIRIES FOR A REVIEW OF FINANCIAL STATEMENTS, ILLUSTRATIVE ENGAGEMENT LETTERS FOR THE COMPILATION AND REVIEW OF FINANCIAL STATEMENTS, AN ILLUSTRATIVE REPRESENTATION LETTER FOR A REVIEW OF FINANCIAL STATEMENTS, AND RULE 201 OF THE CODE OF PROFESSIONAL ETHICS. FOOTNOTES AND TABULAR DATE ARE INCLUDED. (RCB)
Index Term(s): American Institute of Certified Public Accountants (CPAs); Auditing standards; Financial disclosure; Financial management; Standards
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=66880

*A link to the full-text document is provided whenever possible. For documents not available online, a link to the publisher's website is provided. Tell us how you use the NCJRS Library and Abstracts Database - send us your feedback.