Flashcards in SSARs-preparation of Financial statements Deck (5)
must meet preconditions
obtain written agreement for terms of engagement (engagement letter)
no report issued for preparation engagement
accountant is not required to be independent because no assurance is provided
each page of F/s should say "no assurance is provided"
obtain understanding of framework and policies
management take full responsibility for significant judgements
if managemen adopts special purpose framework
reveal in a note or in face of f/s
if f/s know departures then
discuss with management and correct them or disclose them in the f/s
have copy of engagement letter
copy of f/s prepared
document reasons for noncompliance with a "presumptively mandatory requirement"