I do not issue financial statements beyond Prepared per SSARS 21 AR-C 70. That said, many of my clients utilize QBO and they can look at financials whenever they wish, and only engage me to prepare financials to provide a bit more "credibility" to them.
I am engaging a new client where for cost savings, my Firm will be doing all bookkeeping/accounting via Quickbooks Desktop on our server. Client will not have access, but they need a monthly income statement and balance sheet. This has always driven me nuts in identifying if it rises up to AR-C 70 standards under the following criteria:
-Firm performs all bookkeeping/accounting functions (G/L transactions) within QBD
-Firm holds the license to the accounting software
-Firm owns the server and client has no access
-Firm wishes to automatically distribute standard QBD financial statements via e-mail on a monthly basis
-Firm has not been specifically requested to provide Prepared Financials, just automated I/S and B/S
In your opinion, does this rise up to AR-C 70 Prepared Financials? I'll waive the fee I would normally charge but I would prefer to avoid the required engagement letter and having to modify the reports a bit. I read over modifications to SSARS 21, particularly relating to AR-C 70, and the Appendix about Preparation vs Assistance (so friggin' vague), and my gut "professional judgment" says this still rises up to an AR-C 70 engagement. What do you think?