Combined Financial Statements

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#1
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19-Nov-2014 5:47pm
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I have a client that owns 50% of 6 S Corporations. All the S-Corporations are physical therapy clinics. We prepare standard compilations for each S Corporation. They are tax basis compilations that omit all the disclosures.

The client has requested a consolidated financial statement with all the companies. There are different owners of each S-Corporation, but he does own 50% of each company. After my initial research, I figured we could prepare a combined financial statement, which combines all companies, but not a consolidated financial statement.

I have a subscription to Thompson Reuters Checkpoint, compilation and review engagements. I can't seem to find an example of a compilation letter that shows a tax basis, or cash basis financial statement, that omits all disclosures, and is a combined financial statement.

Any help or advice would be appreciated!
 

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