Tenn. Comp. R. & Regs. 0020-04-.06 - SAFE HARBOR LANGUAGE

(1) Non-licensees shall use the following or similar disclaimer language in connection with financial statements to not be in violation of the Act:

(a) "I (we) have prepared the accompanying (financial statements) of (name of entity) as of (time period) for the (period) then ended. This presentation is limited to preparing in the form of financial statements information that is the representation of management (owners)."

(b) "I (we) have not audited, reviewed or compiled, under professional standards prescribed for such services, the accompanying financial statements and accordingly do not express an opinion or any other form of assurance on them. I (we) am (are) not licensed by this state, as a certified public accountant, public accountant or accounting firm, to provide those types of services."

(2) The use of standard language in any report as defined by Tenn. Code Ann. § 62-1-103, by any non-licensed individual or non-permitted accounting firm, even if the verbiage is slightly altered, will be considered to be a violation of Tenn. Code Ann. § 62-1-113(h)(1).

Notes

Tenn. Comp. R. & Regs. 0020-04-.06

Original rule filed June 9, 1981; effective August 18, 1981. Amendment filed June 30, 1988; effective August 14, 1988. Repeal and new rule filed June 10, 1999; effective August 24, 1999.

Authority: T.C.A. §§ 62-1-105;62-1-108(c); 62-1-109(c);62-1-111(a)(9); 62-1-111(2); 62-1-113(h)(1) and 62-1-117.