Compilations and Reviews Flashcards
1
Q
When a compilation report is expected to be distributed to a 3rd party, when is the report required?
A
3rd party will use the report, compilation report is required (not restricted)
3rd party will not use report, no report required but restriction required in the engagement letter
2
Q
What are the engagements that can be performed for Prospective Financial Statements?
A
Prospective = forecast or projection
The types of engagements:
- compilations
- examinations
- agreed-upon procedures
