Following is the message from the accountant explaining why he didn't want to issue the compilation letter. While he thinks he is explaining the reason the affiliate doesn't need one, he makes the opposite case.
Dear (CPrint® Printer):
"I do know what compilation report means. The good folks at accounting school mentioned it continually for years. And I used to do tons and tons of these things. No more. As you mentioned, many CPAs are no longer doing these because the AICPA and State Board of Accountancy changed "compilations" (which essentially means compiling your information into an acceptable form and placing a letter on the front denying any responsibility for the information) into an attest function - meaning that I provide some limited scope of assurance.
The change to attest and the associated changes by the Board are too much (for me).
By doing the monthly compilation, I'd have to do a bunch more continuing education, get lots of E&O (errors and omissions) insurance and have something called a peer review (another CPA looks into my work). To make all this a break even I'd have to do ton of compilations."
Sincerely,
Accountant (But NOT a CPrint® Accountant)
Hum. So if you are okay using an accountant who doesn't have to keep up with the changes and have other peers review their work; then there are plenty out there. On the other hand, if you are looking for professional assurance, then you might ask the accountant to provide a compilation letter with your monthly financials.
And then keep on looking if they try to talk you out of it.
