Current through Reg. 50, No. 187; September 24, 2024
(1) As provided in Section
473.322, F.S., persons other
than certified public accountants or certified public accountants on inactive
status may prepare financial statements and submit them to others provided
that:
(a) Such financial statements are
issued without attestation as an expert in accountancy as to the reliability or
fairness of the presentations shown therein or expression of opinion as defined
in Rule 61H1-20.005.
(b) Such financial statements, or reports,
transmittal letters or other written communication issued or associated with
financial statements, shall not in any manner whatsoever state, show, claim or
imply that the financial statements resulted from an audit examination or
review.
(c) Any report, transmittal
letter or other written communication issued with such financial statements, in
addition to setting forth an address, salutation and reference to the
completion and submission of a tax return, may identify and list the financial
statements submitted, state that the financial statements are unaudited or
prepared without audit from the records or books of account, and state that
such financial statements are in agreement or have been reconciled with the tax
return.
(d) Any such report,
transmittal letter or other written communication issued with the financial
statements as provided in subparagraph (c) above may also contain a listing of
procedures (as distinguished from auditing procedures or standards and
accounting principles or standards) used in preparing the financial statements,
provided:
1. the procedures listed are not so
extensive, or the listing worded in such manner, as to claim or imply that the
financial statements are the result of an audit or examination performed in
accordance with generally accepted auditing standards or a review as
contemplated by standards for accounting and review services; and
2. the description of the procedures does not
use words or terminology which connote or relate to an audit or examination in
accordance with generally accepted auditing standards or the presentation of
financial statements in conformity with generally accepted accounting
principles (e.g., words or terminology such as audit, examination, opinion,
certificate, certify, fairly present, auditing procedure, auditing standard,
audit test, test of accounting records, accounting principle or standard,
generally accepted auditing standard, generally accepted accounting principle
or standard).
3. the listing of
such procedures is followed by the statement, "these procedures do not
constitute an audit or examination of these financial statements in accordance
with generally accepted auditing standards, nor do they imply either an
expression of opinion, or disclaimer of opinion, as to the fairness of the
presentation of the financial statements or their conformity with generally
accepted accounting principles" or a statement or words to that
effect.
(2) The
preparation of tax returns by persons other than certified public accountants,
which is permitted by Section
473.322, F.S., may not include
the preparation of financial statements and submission to others except in
accordance with the guidelines contained in paragraph (1)
above.
Specific Authority
473.304,
473.323 FS. Law Implemented
473.302(7)(b),
473.322
FS.
New 12-4-79, Formerly 21A-34.01, 21A-34.001, Amended
2-3-94, 1-11-95, 10-28-98.