The New Compilation and Review Standards – SSARS Nos 21-23
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 as amended by SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016. The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement. The course also discusses SSARS No. 22, Compilation of Pro Forma Financial Information.

Course Publication Date: June 22, 2017

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $120.00!

Author:Steven Fustolo
Course No:AUD-SSARS2123-6017
Recommended CPE:10.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:General understanding of compilation and review standards
Advanced Preparation:None
Recommended Field of Study:Auditing
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Learning Objectives
  • Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards.
  • Identify engagement types that are and are not authorized under SSARS No. 21.
  • Recall whether the AR-C 70 preparation of financial statements standard is an attest or nonattest service.
  • Identify some of the preparation engagements that are subject to the AR-C 70 standards found in SSARS No. 21.
  • Recognize the term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting.
  • Recall whether a preparation engagement under AR-C 70 is subject to peer review.
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70.
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under AR-C 70.
  • Recognize an acceptable location to place the description of a special purpose framework in a preparation of financial statements engagement.
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement.
  • 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.
  • Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21.
  • Identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client.
  • Identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21.
  • 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.
  • Recognize some of the documentation requirements in a compilation engagement.
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement.
  • 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.
  • Identify requirements to be satisfied to perform a review engagement under AR-C 90.
  • Identify the date as of which management representations should be made in a management representation letter for a review engagement.
  • Recognize an appropriate title that can be used for a review report under SSARS No. 21.
  • Identify the order in which certain report paragraphs should be placed in the review report.
  • Recall the items that should be documented in a review engagement.
  • Recognize the effective dates of SSARS No. 21 including early implementation options.

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