Accounting & Review Services (SSARS)

Question 1

SSARS engagements are

Answer 1

Preparation engagement
Compilation Engagement
Review Engagement

Question 2

What is a preparation engagement?

Answer 2

To prepara FS based on information provide by management
No assurance is provided
Independence is not required
No report required

Question 3

What is an engagement to compile FS?

Answer 3

To assist management in presenting FS
No assurance provided
Independence is not required but lack of it must be disclosed
Report is required

Question 4

What is a review engagement under SSARS?

Answer 4

An engagement to review historical FS of an entity that is not audited
Provides limited assurance(Negative assurance)
Independence is required
Report is required
A conclusion is stated

Question 5

Accountants can compile

Answer 5

Pro-Forma Financial Information
Compilation of Projected financial information