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Mahi
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Joined: 10 May 2011
Location: United States
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Posts: 7

Posted: 15 Jun 2012 at 19:13 \| IP Logged

I am bit confused in Compilation report and review report for non-issuer? Can somebody please explain me in more detail?

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gigglejazz
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Joined: 13 Jun 2012
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Posted: 25 Jun 2012 at 17:06 \| IP Logged

Compilation report for nonissuer

Situation 1
FS is expected to be used by 3rd party,Compilation Report is required

Situation 2
FS is NOT expected to be used by 3rd party,Compilation Report is NOT required. However, a written communication is required [either a Compilation report (I think that the compilation report is optional here) or an engagement letter discussing service to be performed and limitation on the use of FS].

Review report for nonissuer

Important thing to remember here is that management MUST provide a signed management representation letter in order to issue a review report (not required for compilation)

Hope the above information will help you.

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