Restricted use reporting is vital to mitigate business risks associated with specific types of engagements. The Center for Plain English Accounting (CPEA) report Restricted Use Reporting: Common Practice Issues references key sections of AICPA Professional Standards and provides practical guidance on the topic of restricted use reporting. Accounting and auditing involve balancing compliance with professional standards, managing client expectations, and mitigating business risks. The report provides a deeper dive into common practice issues.
In financial reporting, practitioners could face situations