[Biff-1955-Tannen]

“An attest engagement is an engagement that requires independence, as set forth in the AICPA Statements on Auditing Standards (SASs), Statements on Standards for Accounting and Review Services (SSARS), and Statements on Standards for Attestation Engagements (SSAEs) (ET 0.400.04).

A review engagement is both an assurance and an attest engagement.

A compilation is an attest engagement only, not an assurance engagement.”

The explanation justifies it as an attest engagement because attest engagements require independence as set forth in SSARS. Kind of a useless explanation seeing as you don’t need independence for compilations. Anybody care to elaborate?

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[monikernc]

No but compilation implies independence. If you are not independent you have to make a statement in report thats says so – it does not have to say why. Compilations are attest, not assurance engagements because no opinion is expressed.

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[Anonymous]

^ that's correct.

You don't have to be independent for a compilation, but you MUST disclose your lack of independence.

I don't know why, but I guess it's because of the chance that the user might be mislead as apposed to a pure preparation.

[MaLoTu]

A compilation can be SSARS or SSAE … SSARS are for private companies and SSAE are for public.

Almost always from my phone... please excuse my typos!

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[Biff-1955-Tannen]

Thanks for the replies everybody

AUD - 93
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FAR - 83
REG - 84

Nobody calls me chicken

AUD 93 Jan 16
BEC 83 Feb 16
FAR 83 Apr 16
REG 84 May 16

99% Ninja MCQ only

[Author]

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