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Flashcards in SSARs-Other Topics Deck (6)
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1

Know how the accountant's report (for a compilation and for a review engagement) is affected when "required supplementary information" is relevant to the entity's financial statements.
2. Understand the accountant's responsibilities under SSARSs when "subsequently discovered facts" are identified before the report release date, as well as after the report release date.
3. Understand the accountant's responsibilities under SSARSs when engaged to compile "pro forma" financial information.
4. Know how the accountant's report (for a compilation and for a review engagement) is affected when the entity's financial statements are accompanied by "supplemental information."

f

2

proforma financial info shows

the effect that a actual or potential transaction might have had on financial info if the transaction had occured at an earlier date.
ex
business combo
disposal of segment
etc

3

prerequisite for proforma f/s is

must have audited, compiled or reviewed historical f/s

read the compiled proforma for obvious misstatements

4

each proforma compilations page

should include a reference to see accountants compilation report.

not required to be independent but report should state that fact

5

when compiling and reviewing supplemental info

indicate any responsibility taken in a separate report on that info or

if its requires supplemtary info then put it in a other matter paragraph

6

if change from audit to review should look at

managements reason why

cost benefit