Problem

G. Wilson is on the board of directors of a small manufacturing company, Smith Plastics, I...

G. Wilson is on the board of directors of a small manufacturing company, Smith Plastics, Inc. Wilson holds a CPA certificate and is a member of the AICPA. The president of the company, J. Smith, has asked Wilson to prepare financial statements for the company to be submitted to Sixth First Bank as part of a loan request. Smith tells Wilson that the bank would like a review or an audit but would settle for a compilation from a CPA and would like Wilson to do the compilation.

Required:

Discuss under what conditions, if any, Wilson would be allowed to prepare a compilation of the financial statements of Smith Plastics, Inc.

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