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Flashcards in SSARS Deck (7)
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1

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"

2

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

3

What are the 4 elements of a compilation report?

CARD
Compiled
AICPA standards
Responsibility of management
Disclaim opinion or assurance

4

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

5

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

6

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

7

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