Discussion:Hawaii Contractors License Application -- CPA Opinion Required

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Discussion Forum Index --> Accounting Questions --> Hawaii Contractors License Application -- CPA Opinion Required

Wiles (talk|edits) said:

20 April 2011
Any Hawaiian CPAs, PAs or other accountants out there that can help with this one?

I am a Calif CPA. I have a client that wants to renew their Contractor's license in Hawaii. They must submit a personal financial statement using Form CT-02 provided by the Hawaii Contractors Licene Board. [1]

At the bottom of the form it requires a CPA or PA to sign the form under the following statement, "In the opinion of the undersigned, the above statement fairly presents, on the date indicated above, the financial condition of the applicant."

Am I just being paranoid here, or are they asking me to provide a personal financial statement audit opinion?

That can't be right. It would cost the applicant a few thousand bucks for me to propertly do the work to provide an audit opinion. It seems that the Contractors License Board does not know what they are asking the CPA to do.

I can't be the first one that has slammed the brakes on this.

Jerrykern (talk|edits) said:

21 April 2011
If you are a licensed CPA, you cannot sign that without having done appropriate attest procedures to verify the statement's veracity. I'd bet it is one of those things that the Contractors License Board hasn't discussed with the state board of accountancy.

Captcook (talk|edits) said:

21 April 2011
We had to do one of these for a client of ours with operations in LA. We perform an audit of the business anyway, but we would not have been able to sign that form without performing the audit. It sounds like you need to explain to your client the cost of their doing business in HI just went up by several thousand dollars. Good luck!

Natalie (talk|edits) said:

April 21, 2011
It's been a while since I did one of those, but I didn't sign the form. I just noted at the bottom to see the compilation report. As I recall, the main thing was the board wanted a CPA to have some kind of report, not necessarily an audit. You might want to contact the board directly and see if that is still how they do it.

Captcook (talk|edits) said:

8 October 2013
I just had a request for one of these specifically for HI and called their office at 808.586.2700. They confirmed Natalie's statement. We will provide a compilation report for our client. We can't sign their prescribed form with the language they provide.

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