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Compilation Engagements. Source: SSARS No. 21; SSARS No. 23; SSARS No. 25. Effective for compilations of financial statements for periods ending on or after December 15, 2015, unless otherwise indicated. Introduction. Scope of This Section.
in accordance with both SSARS No. 19 and SSARS No. 21, the SSARS No. 21 requirement satisfies the requirement from SSARS No. 19. If the financial statements are not expected to be used by a third party and the accountant does not expect to issue a compilation report on the financial statements: Include an acknowledgment of management’s
Illustration 19 — An Accountant’s Compilation Report on Financial Statements Prepared in Accordance With a Special Purpose Framework Prescribed by Contract or Regulation and That Framework Prescribes a Format for the Financial Information.
SSARS 19 Implementation • Effective date – Engagements for financial statements with periods ending after December 15, 2010 • Independence disclosure option may be used on compilation reports issued after December 30, 2009 • AICPA has issued a new Compilation and Review Guide
SSARS no. 19 revises the reporting requirements for compilation and review engagements to make the reports clearer as to management’s responsibilities and the accountant’s responsibility.
I. FRAMEWORK FOR PERFORMING AND REPORTING ON COMPILATION AND REVIEW ENGAGEMENTS (1.X) The framework is divided into the following sections: • Relevant Definitions • Objectives and Limitations of Compilation and Review Engagements • Professional Requirements • Hierarchy of Compilation and Review Standards and Guidance
Learning Objectives: •You will be able to discuss file documentation and performance requirements. •You will be able to review the significant revisions to the Compilation Report. •You will be able to explain the separate SSARS Exposure draft.
