Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements [Paperback]

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

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. 2223, 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 stateml“;