Discussion:Signing compilation reports re liability
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| Revision as of 12:33, 22 October 2009 NMexEA (Talk | contribs) (Lawyers call thi) ← Previous diff |
Current revision Natalie (Talk | contribs) (Moonlighting? W) |
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| {{ForumReplyPost|UserID=NMexEA|Date=22 October 2009|Text=Lawyers call this "moonlighting" and there are special, very low cost malpractice insurance policies just for the purpose. Call your carrier.}} | {{ForumReplyPost|UserID=NMexEA|Date=22 October 2009|Text=Lawyers call this "moonlighting" and there are special, very low cost malpractice insurance policies just for the purpose. Call your carrier.}} | ||
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| + | {{ForumReplyPost|UserID=Natalie|Date=October 22, 2009|Text=Moonlighting? Where does that come from? }} | ||
Current revision
Discussion Forum Index --> Accounting Questions --> Signing compilation reports re liability
| 21 October 2009 | |
| I'm just starting out a little side practice and have been asked to perform a compilation. My liability insurance is in the name of my S-corp. I am personally a licensed CPA in Illinois, but my company is not a licensed CPA firm. I am assuming that since my corp is not a licensed CPA firm, that I personally must sign the compilation report. I am just wondering if I am still going to be covered by my liability insurance if I personally sign the compilation report as opposed to signing it in the name of my corp. Has anyone else been in this situation? What is the proper way to handle this? Thanks - I 'm new to this. | |
| 21 October 2009 | |
| you could call your insurance carrier and find out for sure
or you could take the advice given here on this board and forever wonder | |
| October 22, 2009 | |
| If you are a sole practitioner, generally you would put the report on your corporate letterhead and sign with your own name. If you took the engagement outside of the corporation, i.e., it is not with the firm, then you may not be covered.
I'm not sure what you mean when you say your firm is not a "licensed CPA firm." | |
| 22 October 2009 | |
| Maybe there are requirements similar to Texas. Here we have an annual set of forms to fill out and a fee to remit so our firm is licensed for the year. That even applies to a sole proprietor. Fees are based on the number of CPA's in the firm. Practicing public accounting in an unlicensed firm is an offense that comes before the Texas State Board.
This is separate from the individual annual license renewal. | |
| 22 October 2009 | |
| Lawyers call this "moonlighting" and there are special, very low cost malpractice insurance policies just for the purpose. Call your carrier. | |
