A practice-oriented review of the latest developments related to SSARS Nos. 21-24, this title includes a wide range of issues, including:
- Developments in the conceptual framework
- New and proposed independence interpretations
- Consideration of materiality in a review engagement
- Going concern considerations
- Restatement of prior year financial statements
Table of Contents
Chapter 1 1-1
Introduction to Preparation, Compilation, and Review Engagements 1-1
Reporting on financial statements 1-2
Evolution of engagements to prepare financial statements 1-5
Hierarchy of standards and guidance 1-7
Quality control in engagements performed under SSARSs 1-10
Peer review 1-14
Summary 1-16
Preparation engagements 1-17
Chapter 2 2-1
Current Economic Environment 2-1
The U.S. business environment 2-2
Implications of the current economy 2-5
Summary 2-11
Chapter 3 3-1
Recent Statements on Standards for Accounting and Review Services Developments 3-1
SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services - 2018 3-2
SSARS Nos. 22-23, Compiling Pro Forma and Prospective Financial Information 3-14
Summary 3-20
Chapter 4 4-1
Performing an Engagement to Prepare Financial Statements 4-1
Objective and scope 4-2
Performance requirements 4-4
Documentation for engagements to prepare financial statements 4-8
Summary 4-10
Practice questions 4-11
Chapter 5 5-1
Performing Compilation Engagements 5-1
Compilation framework and objectives 5-2
Compilation performance standards 5-7
Documentation for compilation engagements 5-10
Summary 5-14
Practice questions 5-15
Chapter 6 6-1
Performing Review Engagements 6-1
Review general principles and objective 6-2
Review performance standards 6-7
Documentation for review engagements 6-15
Change in level of service 6-19
Summary 6-20
Practice questions and case studies 6-21
Chapter 7 7-1
Engagement Administration Issues 7-1
Independence 7-2
QC Section 10: A Firm’s System of Quality Control 7-9
Summary 7-15
Chapter 8 8-1
Compilation and Review Reporting Issues 8-1
Common modifications to standard compilation reports 8-2
Common modifications to standard review reports 8-4
Reporting on supplementary and required supplementary information 8-5
Emphasis-of-matter or other-matter paragraphs 8-7
Summary 8-13
Chapter 9 9-1
Special Purpose Framework Financial Statement Issues 9-1
Special purpose framework financial statements 9-2
Practice questions 9-8
Summary 9-9
Chapter 10 10-1
Current Accounting and Reporting Issues 10-1
Common deficiencies in peer reviews 10-2
Overview of FASB activities 10-9
Summary 10-21
Practice questions 10-22
Chapter 11 11-1
On the Horizon 11-1
Resources 11-2
ARSC pipeline 11-4
FASB pipeline 11-6
Summary 11-8
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 3
Chapter 3 Solutions 4
Chapter 4 Solutions 8
Chapter 5 Solutions 11
Chapter 6 Solutions 17
Chapter 7 Solutions 23
Chapter 8 Solutions 29
Chapter 9 Solutions 37
Chapter 10 Solutions 42
Chapter 11 Solutions 44
