The standard eliminates the need for the accountant to determine whether they?ve prepared financial statements by drawing a clear line between preparation and compilation.
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Why is this important? Well . . . if you are an accountant who performs review and compilation services, it should be important to you. And if you are someone who depends on information and representations provided in reviews or compilations, it should be important to you, if you care to know whether a compilation or review provides you with any useful information. Speaking of the subject, I never hear anyone discussing whether a quarterly review for a public company provides any useful information. I believe that at least in theory they do, but, if not, then why continue with the expense? Dave Tate, Esq. (San Francisco)
My other blog: trust, estate, conservatorship and elder abuse litigation and administrations, http://californiaestatetrust.com