Compliation question

  • Creator
    Topic
  • #2973860
    thehip41
    Participant

    Forgive this old Ninja alum, haven’t studied for over 6 years and I’m rusty!

    If an accounting firm, owned by one person, that person is an EA, no other owners.

    There are two CPAs on staff.

    Can this firm perform any of the following?

    Audits
    Reviews
    Compilations

    Thanks everyone

    FAR - 83
    AUD - 73 92
    BEC - 83
    REG - 88

    Licensed CPA in the state of Michigan

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    Replies
  • #2973866
    Recked
    Participant

    Ooh good question.
    I think this might depend on the state regs, as to whether either of the 2 CPAs are qualified to complete any of those engagements.
    The owner presumably could not sign and accept responsibility, but perhaps if one of the CPAs were the signer?

    Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

    FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
    AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
    REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
    BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

    #2973902
    turo9992000
    Participant

    If I was one of those CPAs I would try to negotiate a partnership agreement and start generating that type of business. In CA for instance the firm has to be 51% owned by CPAs in order to issue financial statements.

    AUD - 64, 80 Passed on 10/09/17

    BEC - 75 Passed on 12/09/17

    FAR - 69, 71, 73, 83 Passed on 06/10/18

    REG - 81 Passed on 09/10/17

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