Can we issue a review report on financial statements that omit disclosures?
No. Paragraphs 16 through 18 of SSARS No. 1, which provide guidance for reporting on statements that omit substantially all disclosures, only apply to financial statements that the accountant has compiled. Q: Are the titles Balance Sheet and Statement of Income appropriate for statements prepared using a comprehensive basis of accounting other than Generally Accepted Accounting Principles (GAAP), meaning Other Comprehensive Basis of Accounting (OCBOA)? A: No, unless the titles are modified. Such unmodified titles are generally understood to be applicable only to financial statements that are intended to present financial position, results of operations or cash flows in conformity with GAAP. Paragraph 4 of SSARS No. 1 refers to SAS No. 62, paragraph .07 (AU section 623.07), which provides guidance with respect to suitable titles for financial statements that are prepared in conformity with OCBOA other than GAAP. Top of Page Auditing Standards Committee Q: What are the current CPA firm r
