compilation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2010 i have a client who is a accountant and having about 150 client in his name. he produce before me trial balance of each of clients and cirtified by that client also. on the bases of which i prepare financial statements i.e. profit and loss accounts and trial balance. so after preparing it, i write a comment below p/l and balance sheet that "just compile and prepare financial statements as per trial balance produce and certified by propritor" and then sign it for compilation. so i want to ask you that is there any special or genral reposposibility of mine for signing and preparing finacial statements.

CA. RAJESH Kr. MAURYA

CA. RAJESH Kr. MAURYA (Expert)
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01 April 2010 When you are writing " Compilation based on Books of Accounts produced", in that case you only responsibility remains that the items are classified and placed accurately in the Balance Sheet. You also need to check that the prepared B/s doesn't violate the GAAP/AS.

Else you are not responsible for authencity of the items.