CPAs have had many questions about the use of AR-70, Preparation of Financial Statements. Those questions include:
When is the standard applicable?
What work papers must I retain?
Is an engagement letter required?
What should the preparation report look like?
Should I include a disclaimer page?
How do I communicate departures from the applicable basis of accounting?
Can I add supplementary information?
Can AR-C 70 be used in reference to prescribed forms?
Today we answer your most pressing questions about using the SSARS 21 preparation standard.
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Charles Hall is a practicing CPA and Certified Fraud Examiner. For the last thirty years, he has primarily audited governments, nonprofits, and small businesses.He is the author of The Little Book of Local Government Fraud Prevention and Preparation of Financial Statements & Compilation Engagements. He frequently speaks at continuing education events.Charles is the quality control partner for McNair, McLemore, Middlebrooks & Co. where he provides daily audit and accounting assistance to over 65 CPAs. In addition, he consults with other CPA firms, assisting them with auditing and accounting issues.
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