An accounting practitioner or firm of accounting practitioners is permitted to associate his or the firm’s name with compiled financial statements as defined by SSARS, provided that a disclaimer is used that complies with the most recent version of SSARS and that a statement in the report provides:

"I / we have not audited or reviewed the accompanying financial statements, and I am / we are prohibited by law from expressing an opinion on them".

Terms Used In South Carolina Code 40-2-610

  • Firm: includes a person or persons practicing public accounting in the form of a proprietorship, partnership, limited liability partnership, limited liability company, or professional corporation or association. See South Carolina Code 40-2-20
  • report: includes any form of language which disclaims an opinion when the form of language is conventionally understood to imply positive assurance as to the reliability of the attested information or compiled financial statements referred to or special competency on the part of the person or firm issuing such language, or both; and it includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competency, or both. See South Carolina Code 40-2-20
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