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CA Davis Sterling Act and Compilation

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10-Oct-2014 10:32am
La Quinta, CA
Under the CA Davis Sterling Act an HOA is required to do a reviewed financial statement if gross receipys equal or exceed $75,000 during the year. If the client chooses not to do the required review, does that preclude a CPA from doing a compilation for them? Clearly they will not be in compliance with the Act by not doing a review, but would issuing a compilation report be prohibeyws at that point and considered misleading? Any thoughts would be greatly appreciates.

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