one in which the auditor prepares or aids in preparing but does not examine in accordance with GENERALLY ACCEPTED AUDITING STANDARDS (GAAS). In effect, the auditor is under-taking an accounting service of accumulating and preparing financial information, but is not applying audit procedures as a basis to form an audit opinion. An unaudited statement must be identified as such, and the auditor must issue a disclaimer opinion in which he states that he is not rendering an opinion on it.