SSARS- Preparation of Financial Statements

Question 1

When obtaining an agreement on the terms of the engagement, what should be documented?

Answer 1

1) Engagement objective
2) Management responsibilities
3) Accountant responsibilities

Question 2

At the top of each financial statement prepared, what should be stated?

Answer 2

“NO ASSURANCE PROVIDED”

Question 3

If the financial statements prepared are done using special purpose framework, the accountant should do what?

Answer 3

• Include a description of the framework on the face of the financial statements or in the footnote

Question 4

if an accountant departs from SSARS presumptively mandatory requirements, what should they do?

Answer 4

1) They need to have a reason as to why they are departing from the requirement
2) What alternative procedure was performed to get to principle behind the requirement