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Wiley CPAexcel Exam Review 2014 Study Guide, Auditing and Attestation by O. Ray Whittington

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Module 6: Accounting and Review Services

Overview

This module presents guidance on engagements performed under the AICPA Statements on Standards for Accounting and Review Services (SSARS—codified with an AR prefix). The SSARS apply to unaudited financial statements or other unaudited financial information of a nonpublic entity. Currently the SSARS outline two forms of accountant association with financial statements—compilations and reviews. A compilation is a service in which the accountant assists in the preparation of financial statements; compilation reports provide no assurance. A review is an attest service in which the accountants (1) perform analytical procedures, (2) make inquiries of management and others, and (3) obtain representations from management relating to the financial statements. Review reports include limited (negative) assurance.

Financial Statement Compilations

A. Nature of Compilations

B. Planning Compilations

C. Compilation Procedures

D. Overall Compilation Reporting Issues

Financial Statement Reviews

A. Nature of Reviews

B. Planning Reviews

C. Review Procedures

D. Overall Review Reporting Issues

Statements on Standards for Accounting and Review Services

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulations

Simulation Solutions

Determining the appropriate standards for reviews may be confusing. Make certain that you understand the appropriate standards for reviews performed under the SAS and SSARS, as follows:

  • SAS Reviews: ...

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