2015 South Carolina Code of Laws
Title 40 - Professions and Occupations
CHAPTER 2 - ACCOUNTANTS
Section 40-2-340. Disclaimer.
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 Professional Standards for Accounting and Review Services, provided the following disclaimer is used:
"I (we) have compiled the accompanying balance sheet of XYZ Company as of December 31, XXXX, and the related statements of income, retained earning and cash flows for the year then ended, in accordance with statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting, in the form of financial statements, information that is the representation of management (owners). 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."
HISTORY: 1996 Act No. 453, Section 1; 2004 Act No. 289, Section 1.
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