Florida Regulations 61H1-34.001: Preparation of Financial Statements by Persons Other than Certified Public Accountants or Inactive Certified Public Accountants
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(1) As provided in Florida Statutes § 473.322, 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 Florida Statutes § 473.322, 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. History-New 12-4-79, Formerly 21A-34.01, 21A-34.001, Amended 2-3-94, 1-11-95, 10-28-98.
(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 Florida Statutes § 473.322, 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. History-New 12-4-79, Formerly 21A-34.01, 21A-34.001, Amended 2-3-94, 1-11-95, 10-28-98.