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Assembly Only

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#1
jon  
Posts:
788
Joined:
3-May-2014 11:11am
Location:
minnesota
Is there an opinion for assembly only for forecast/projection(CPAs)? What is the minimum assurance that can be given in this area. Very small condo association wants to forecast cash flow for operating and reserves. I do not want any attachments and the balance sheet and revenue and expenses for the categories are covered. I looked for assembly only opinion it seems to have gone away 2016 or 2017.

My practice is compilations without any footnotes and I am not independent in all, but a couple because i do the general ledger.
 

#2
Posts:
336
Joined:
29-Sep-2015 10:10pm
Location:
Gray, TN
the AICPA created a new level of service below a compilation, which they describe in Section 70 of SSARS 21. This section provides guidance for the preparation of financial statements. This guidance applies when a client hires an accountant to prepare financial statements and has been in effect since December 15, 2015. You can read an overview here.

It doesn’t apply when you’re just making adjustments to your client’s books and you print out the resulting balance sheet and income statement. It also doesn’t apply if you’re creating financials that will be used as the input for another service such as a tax return. This guidance can also be used for other services such as forecasts or budgets, or for schedules of rent and royalties.

https://www.firmofthefuture.com/content ... gagements/
 


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