SSARS Flashcards
What is required for preparation of F/S?
Signed engagement letter by both client and accountant
Must understand financial reporting framework and significant accounting policies
Independence not required
Non attest / no assurance
No report, on each page of F/S says “no assurance provided”
What is required for compilation of F/S?
Signed engagement letter by both client and accountant
Must understand financial reporting framework and significant accounting policies
Must read F/S
Must disclose if not independent
Attest / no assurance
Report required
What are the 4 elements of a compilation report?
CARD Compiled AICPA standards Responsibility of management Disclaim opinion or assurance
When would a modified compilation report be issued?
F/S prepared under special purpose framework
Lack of independence
Omission of substantially all required disclosures
Known departures from AFRF
Supplementary info accompanying F/S
Required supplementary info
What is required for review of F/S?
Signed engagement letter by both client and accountant
Management representation letter
Must understand financial reporting framework and significant accounting policies
Must have industry and entity knowledge
Must perform inquiry and analytical procedures
Must be independent
Attest / Limited assurance
No opinion
Report required
What are the 8 elements of a review report?
FAMILIAR F/S reviewed AICPA standards Management representation Inquiry and analytical procedures Less in scope than audit Incapable of opinion Assurance provided - limited Refer to US principles
When would a modified review report be issued?
Comparative F/S Emphasis of matter or other matter paragraphs Known departures from AFRF Restrictions on use of review report F/S prepared under special purpose framework Going concern considerations Subsequent events Work of other accountants Supplementary info accompanying F/S Required supplementary info
