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The Complete CPA Reference by Joel G. Siegel, Jae K. Shim, Nick A. Dauber

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Management's Discussion and Analysis

What is Management's Discussion and Analysis?

Management's Discussion and Analysis (MD&A) is a document that needs to be prepared in accordance with rules and regulations of the Securities and Exchange Commission. MD&A, which is usually presented in annual reports to shareholders, generally covers three years of audited financial statements as well as any available interim-period financial statements. MD&A is designed to provide users with a useful analysis of significant changes in a publicly traded company's financial condition and results of operations.

What types of attest services can a practitioner perform with respect to MD&A?

A practitioner may accept an engagement to examine, review, or apply agreed-upon procedures to MD&A. An attest engagement with respect to MD&A should be performed in accordance with the general attestation rules previously discussed in this chapter.

Personal Financial Statements Included in Written Personal Financial Plans

What are my responsibilities when personal financial statements are included in a financial plan?

When the accountant prepares personal financial statements that are included in a written personal financial plan, the accountant may:

  • Follow the compilation standards applicable to compilation engagements involving historical basic financial statements.
  • Issue the report specified in Statement on Standards for Accounting and Review Services (SSARS) No. 6, “Reporting on Personal Financial Statements ...

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