[HazeEastwood]

I am taking Yaeger CPA review for auditing and I’m a bit confused about something. In module 5 Gary said that when performing reviews of issuer’s interim financial statements firms follow PCAOB standards. Reviews for non issuers if the firm also conducts the clients audit fall under SAS. If the firm doe not also conduct the audit it falls under SSAE. When I moved to module 6 its now saying that Reviews fall under SSARS for non issuers. Can someone please explain this? I am not getting it.

FAR-81
BEC-84
AUD-91
REG-89

[Anonymous]

Review of unaudited financial statement for non issuers and review of interim financial statement for non issuers are two different things.

Review of unaudited financial statement of non issuers are governed by SSARS.

whereas, review of interim financial statement of non issuers are governed by SAS's.

Does that make sense,

unaudited financial statement covers the whole 12 months period.

Interim is like quater, 12 months not ending on the fiscal year and etc…

[nolifecpa]

also, reviews can be done for attestation engagements in which you would follow SSAE, but note that there are no reviews done for prospective financial statements (forecast and projections)

if the auditor does a review on interim FS for a PUBLIC entity (issuer), PCAOB would be followed

it all depends on the engagement

unaudited non-issuer = SSARS

audited non-issuer = SAS

unaudited ISSUER = PCAOB

attestation services = SSAE

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[HazeEastwood]

Sorry guys, I am still a little confused. Here is a breakdown of what I understand and where I am a little fuzzy

Historical financial statements or statement taken as a whole

Issuer Non Issuer

Audits=PCAOB stds Audits=SAS

Reviews=PCAOB stds Reviews=SAS

Compilations=No clue?? Compilations=No Clue???

Anything other than historical financial statements or statement taken as a whole

Issuer Non Issuer

Examination=SSAE Examination=SSAE

Reviews=SSAE Reviews=SSAE

Compilation=No Clue?? Compilation=No Clue??

I have no idea what standards you use for compilations for historical financial statements or attest engagements. From what I gather you guys are saying that SSARS is used when the financial statements are not audited, correct??

FAR-81
BEC-84
AUD-91
REG-89

[HazeEastwood]

Wow, that didn't post the way it looked while I was typing, hope someone can understand it

FAR-81
BEC-84
AUD-91
REG-89

[HazeEastwood]

I think I may have it…..the accountant uses SSARS if he doesn't also audit the client. If you also Audit the client dependinig on whether its an issuer or non issuer he's use either PCAOB or SAS, correct? If performing and attest function, the account would use SSAE, correct?

FAR-81
BEC-84
AUD-91
REG-89

[nolifecpa]

BINGO! you got it!!

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[Author]

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