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This proposed Statement would grant the accountant an exemption from the SSARS 1 requirement to comply, as a minimum, with the standards for a compilation engagement when, in specified circumstances, he submits computer-prepared interim financial statements to his client or others. The draft would require the use of a legend on each page of the statements, stating that the computer-prepared interim financial statements do not purport to reflect all appropriate adjustments and disclosures required by generally accepted accounting principles (or another comprehensive basis of accounting) and that they were not compiled, reviewed, or audited by an independent accountant.
Financial statements, interim -- Standards -- United States; Financial statements, interim -- Data processing
Accounting | Taxation
American Institute of Certified Public Accountants. Accounting and Review Services Committee, "Proposed statement on standards for accounting and review services : Computer-prepared interim financial statements;Computer-prepared interim financial statements" (1982). Statements of Position. 449.