Compilation question

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  • #2992907 Reply
    CirocOnTheRock
    Participant

    Do all the compilations need to be disclaimed? I got this question wrong and i was suprised

    https://ibb.co/YfYf5Bd

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Make more money do less work
    #2992916 Reply
    fsugirl2005fsugirl2005
    Participant

    Disclaimer is a term used with audits normally or some other attestation engagements. You would just say the compilation report needs to address that there is no assurance given or that there has been no audit performed.

    You can go back and read what a compilation entails and review a sample compilation report. That would tell you all you need to know.

    REG - 60,73, Retake 11/28/20
    FAR - 73,74, Retake 8/5/20
    AUD---74,70,73,71,74, Retake---as soon as I'm ready
    BEC - 12/5/20

    I have been on this journey off and on for over 10 years. I think it's about time that I wrap this up.

    #2992922 Reply
    CirocOnTheRock
    Participant

    Can you tell me why I got the question wrong?

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Make more money do less work
    #2992979 Reply
    fsugirl2005fsugirl2005
    Participant

    D – In a compilation, no assurance is given. That means no positive or negative assurance.

    C – You don't have to know what's going on within a company in order to read or understand their statements. You just need to have an understanding of financial matters in general.

    A – Involves subsequent events which only come into play with an audit or review, not a compilation.

    REG - 60,73, Retake 11/28/20
    FAR - 73,74, Retake 8/5/20
    AUD---74,70,73,71,74, Retake---as soon as I'm ready
    BEC - 12/5/20

    I have been on this journey off and on for over 10 years. I think it's about time that I wrap this up.

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