M1: SSARS Engagements Flashcards
1
Q
Is assurance provided in a preparation
A
no
2
Q
Is assurance provided in a compliation
A
no
3
Q
is assurance provided in a review
A
limited assurance
4
Q
Is independence required for a preparation
A
no
5
Q
is independence required for a compilation
A
if not independent you must add a paragraph saying that
6
Q
is independence req in a review
A
yes
7
Q
when does ssars not apply
A
when doing bookeeping, tax, consulting and adjusting entries
8
Q
what are the elements of SSARS engagements ?
A
- mgmt
- acct in the practice of public accounting
- intended users
9
Q
Explain how the financial reporting framework works in SSARS?
A
stardards recognized by the standards setting body.
FS using a special purpose framework are not appropiate unless
-there is a description of the special purpose framework
-disclosures similar to GAAP
10
Q
Does a compliation req a report
A
yes
