SSARS No. 21

Description: The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by SSARS No. 21. The course addresses the three types of engagements that can be performed under the SSARSs, including the preparation of financial statements engagement, compilation engagement, and review engagement.

Please Note: This course material is a component of #2045, Compilation and Review, and therefore we recommend not taking both courses in the same reporting period.

Course Info:

Course #: 2095B
Delivery: Self-Study
CPE Hours: 10
Course Level: Basic
Prerequisites: None
Advanced Preparation: None
NASBA Area of Study: Accounting
Total Pages: 304
Questions: 50

Course Objectives

To identify some of the changes in SSARS No. 21 that are and are not carried over from auditing standards
To identify engagement types that are and are not authorized under SSARS No. 21
To recall whether the new preparation of financial statements engagement is an attest or nonattest service
To identify some of the preparation of financial statements engagements that are subject to the AR-C 70 standards found in SSARS No. 21
To recognize the new term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
To recall whether a preparation of financial statements engagement under AR-C 70 is subject to peer review
To identify whether a report is required in a preparation of financial statements engagement under AR-C 70
To recognize what the reporting requirements are, if any, when a “no assurance” legend is omitted from prepared financial statements under the AR-C 70 standards
To recognize an acceptable location to place the description of a special purpose framework in a preparation of financial statements engagement
To identify where to disclose GAAP departures in a preparation of financial statements engagement
To recognize whether an accountant and his or her client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
To recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
To identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
To identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
To recognize some of the changes made to the new compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
To recognize some of the documentation requirements in a compilation engagement
To identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement
To recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90 of SSARS No. 21
To identify requirements to be satisfied to perform a review engagement under AR-C 90
To identify the date as of which management representations should be made in a management representation letter for a review engagement
To recognize an appropriate title that can be used for a review report under the new SSARS No. 21
To identify the order in which certain report paragraphs should be placed in the new review report
To recall the items that should be documented in a review engagement
To recognize the effective dates of the SSARS No. 21 including early implementation options

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