One of the conditions required for an accountant to submit a written personal financial plan…

One of the conditions required for an accountant to submit a written personal financial plan containing unaudited financial statements to a client without complying with the requirements of SSARS 1, Compilation and Review of Financial Statements, is that the Client agrees that the financial statements will not be used to obtain credit. Accountant compiled or reviewed the client’s financial statements for the immediate prior year. Engagement letter acknowledges that the financial statements will contain departures from generally accepted accounting principles. Accountant expresses limited assurance that the financial statements are free of any material misstatements.

 

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