2006 Code of Virginia § 54.1-4401 - Applicability of chapter

54.1-4401. Applicability of chapter.

A. This chapter shall not be construed to prevent any person from:

1. Describing himself as an "accountant" or a "bookkeeper";

2. Stating that he practices accountancy or bookkeeping;

3. Performing services involving the use of accounting skills;

4. Rendering tax services, or management advisory or consulting services;

5. Keeping the books of account and related accounting records; or

6. Preparing financial statements without the expression of an opinion or anassurance.

B. This chapter shall not be construed to prevent any person from statingthat he has prepared, compiled, assembled or drafted a financial statement,provided he does not use any additional language that comprises an assurance,make any claims or representations, or use any of the language prohibited by 54.1-4413.

C. The prohibitions of 54.1-4413 and the other provisions of this chaptershall not be construed to preclude the use of the following language: "I(We) have compiled the accompanying (financial statements) of (name ofentity) as of (time period) for the (period) then ended. A compilation islimited to presenting in the form of financial statements information that isthe representation of management (owners). I (We) have not audited orreviewed the accompanying financial statements and, accordingly, do notexpress an opinion or any other form of assurance on them. Management haselected to omit substantially all (or certain) required disclosures (and thestatement of changes in financial position). If omitted disclosures wereincluded in the financial statements, they might influence the user'sconclusions about the (entity's) financial position, results of operations,and changes in financial position. Accordingly, these financial statementsare not designed for those who are not informed about these matters."

(2001, c. 832.)