SSARs-compilation engagements

Question 1

State what is meant by the term “compilation.”

2. Understand the accountant’s responsibilities when performing a compilation engagement.
3. Know the structure and content of the accountant’s report for a compilation engagement.

Answer 1

f

Question 2

A _________ must be issued when engaged to compile and entity f/s

Answer 2

compilation report

Question 3

when not _______that fact must be stated in a paragraph at the end of the report

Answer 3

independent

Question 4

when reporting the compilation, the auditor must

Answer 4

understand reporting framework and policies
read f/s to identify any obvious errors
if records incomplete or inaccurate request additional info

Question 5

compilation report format

Answer 5

title
body
management responsibility
performed compilation in accordance with SSARs
did not audit or review f/s or perform procedures
disclaim opinion or any form of assurance
signature block-signature, city, state, date

Question 6

if use a special purpose framework

Answer 6

add a seperate paragraph to state that fact

refer to the note on the f/s

Question 7

if f/s has known departures

Answer 7

propose adj

modify the report by adding a separate paragraph

Question 8

document noncompliance with a

Answer 8

presumptively mandatory requirement

Question 9

document

Answer 9

copy of engagement letter
copy of f/s compiled
copy of compilation report