Owner Certified Reporting

ID Status Date Public/Private Industry AHACPA Contact
#19314 Closed public Multifamily Les Sparks
Customer Reply

We have a new client with 1 For Profit HUD audit and 1 Owner Certified Project.
They need us to convert the OC Project books from modified cash to accrual basis and submit to REAC.  Are we required to perform a compilation or can this be a bookkeeping service?

Les Sparks

Your choices are pretty much limited to some sort of a service provided under SSARs. The primary choices are a financial prep engagement or a compilation. I do not typically see these types of statements being prepared by any bookkeeping service. I believe most CPAs do compilations, however, if I had a choice, it would be a financial prep engagement. I have attached a summary of the financial prep requirements. Here is the first paragraph of that standard.

 

Scope of This Section

.01 This section applies when an accountant in public practice is engaged

to prepare financial statements. This section does not apply when an accountant

prepares financial statements

and is engaged to perform an audit, review, or compilation of those

financial statements,

solely for submission to taxing authorities,

for inclusion in written personal financial plans prepared by the

accountant,

in conjunction with litigation services that involve pending or potential

legal or regulatory proceedings, or

in conjunction with business valuation services.

This section may also be applied, adapted as necessary in the circumstances, to

the preparation of other historical or prospective financial information.1 (Ref:

par. .A1)

 

 

 

 

Les Sparks
| 459 N 300 W #10 | Kaysville, UT 84037 | Phone: 801-547-0809
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From: Support <support@ahacpa.org>
Sent: Wednesday, March 13, 2024 3:05 PM
To: les@ahacpa.org
Subject: Owner Certified Reporting [NEW]

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