Preparing & Reporting on Personal Financial Statements (Completed)

It is common for our small business owner, and high net worth clients to request that their CPA prepare a personal financial statement for them. This is often a requirement from lenders. CPAs need to understand that lenders will claim they relied on these statements when providing loans to the clients, and if the clients default, they will attempt to claim damages from the CPA who prepared the statements. We will discuss the risks involved in preparing personal financial statements and how you can reduce your risk exposure should you decide to prepare them.

Topics Covered

• Personal Financial Statements
• Comfort Letters

Learning Objectives

• Identify the requirements for preparing Personal Financial Statements
• Identify the risks when preparing Personal Financial Statements

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None