Discussion:"Revised" financials
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Discussion Forum Index --> Accounting Questions --> "Revised" financials
| 21 July 2009 | |
| Can anyone help with a cite or example? I completed financials (compiled with footnotes) for a client about a month ago and client forwarded to banker. Now client has additional expenses (material) not on original statements (surprise, huh?). I know there is a procedure and new accountant's letter to produce. Anywhere I can get an example and instructions on proceeding? | |
| July 22, 2009 | |
| First, I am assuming these additional expenses meet the requirements for correction of an error or prior period adjustment, otherwise you would do nothing. Second, the client should inform all users of the new information and that revised statements will be issued. You would then make the correction and a disclosure in the notes to the statements. Your report should also make reference to the correction.
Alternatively, there could be a disclosure in subsequent financial statements, but since you just issued the statements a month ago and the bank has a copy, I think reissuing the statements is the better alternative. | |
| 22 July 2009 | |
| What she said.
If you have access to PPC's <or Thompson, or RIA or whatever the name is now> Compilation and Review Engagement book, I am quite positive that there is a formal accountant's letter to use. | |
RoyDaleOne (talk|edits) said: | 22 July 2009 |
| www.aicpa.org/download/members/div/auditstd/ar-00200.pdf | |
RoyDaleOne (talk|edits) said: | 22 July 2009 |
| http://www.google.com/search?q=accountant+report+reissued&hl=en&start=10&sa=N | |
| 22 July 2009 | |
| Thanks to all! I knew there was a formal addition to the accountant's letter...I will try RDO's cite. I believe Thompson bought out PPC and has a paid subscription. Natalie, right on target...thanks. | |
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