An accountant who is not independent can compile financial statements for a private company as long as the fact of lack of independence is disclosed in the body of the report.

Question

Quizplus · Accepted Answer

According to the AICPA's Statements on Standards for Accounting and Review Services (SSARS), a non-independent accountant can compile financial statements for a private company as long as the lack of independence is disclosed in the report. However, this does not apply to public companies, which require an independent auditor to compile their financial statements.

An Accountant Who Is Not Independent Can Compile Financial Statements