Non Issuer Definition

  • Creator
    Topic
  • #201858
    evp490
    Participant

    I am having trouble discerning what exactly a non issuer is.

    First, is a non issuer and non public entity the same thing?

    Second, Wiley says that a nonpublic entity can either be an individual or an organization. But then it also says that a partnership is not an organization that is covered by SSARS.

    Here is the problem:

    Statements on Standards for Accounting and Review Services (SSARS) establish standards and procedures for which of the following engagements?

    a)Assisting in adjusting the books of account for partnership.

    b)Reviewing interim financial data required to be filed with the SEC.

    c)Processing financial data for clients of other accounting firms.

    d)Compiling an individual’s personal financial statement to be used to obtain a mortgage.

    answer d) is correct because the SSARS apply when a CPA prepares, compiles or reviews the financial statements of a nonpublic entity (which may be an organization or an individual).

Viewing 2 replies - 1 through 2 (of 2 total)
  • Author
    Replies
  • #775658
    nadroj
    Participant

    I would throw out (a) because they're making adjustments, (b) because it's for SEC, and (c) because that's data processing. No reason to exclude (d) so that's my pick.

    #775659
    monikernc
    Participant

    nonissuer and nonpublic are the same thing and the AICPA standards apply to them.
    issuers are public entities and subject to the PCAOB standards.

    AUD - 93
    BEC - 82
    FAR - 76
    REG - 88
    How have you been?
    Ninja book and MCQs and the forum, all first try! 2016
    Licensed State of Montana April Fool’s Day 2020
    State of Colorado June 2020 - AICPA Ethics 93
    Experience was the worst part of the journey for me. You?
    If you want things to change you have to do something different.

    FAR 7/25/15 76!
    AUD 10/30/15 93
    BEC 2/27/16 82
    REG 5/23/16 88!
    Ninja Book and MCQ and the forum - all the way!!!
    and a little thing i like to call, time and effort!
    if you want things to change, you have to do something different

Viewing 2 replies - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.