Reviews under SSARS and SSAE ?

  • Creator
    Topic
  • #822724
    cpa007
    Participant

    Can anyone please explain the difference between Interim Reviews under SSARS and SSAE . Also what is the basic distinction which standard to use under AU and PCEAOB.

    Hope and determination will lead to success.
Viewing 3 replies - 1 through 3 (of 3 total)
  • Author
    Replies
  • #822850
    Lou
    Participant

    well your first problem is thinking that interim reviews are under SSARS or SSAE. Interim reviews for non issuers are under SAS and interim reviews for issuers are under the PCAOB.

    AUD - 91
    BEC - 91
    FAR - 94
    REG - 87
    Done!

    FAR- taken 8/11/16....now the wait begins
    AUD- scheduled 9/8/16
    BEC- scheduled 10/9/16
    REG-scheduled 12/10/16

    Live a few years like most people won't, to live the rest of your life like most people can't.

    #823339
    Bear-Bear
    Participant

    Found this super old thread on here, and these folks say that the difference stems more from audited vs unaudited. In other words, reviewing unaudited interim financials = SSARS and reviewing audited interim financials = SAS. Hmmm

    Audit question??

    FAR - PASS
    BEC - PASS
    REG - PASS
    AUD - PASS

    Done and licensed!

    #1589052
    devin
    Participant

    SSARS: unaudited historical FS (Nonissuers)
    • Preparation, Compilation (No Assurance)
    o Independence NOT Required, Compilation, requires Paragraph
    o Obtain understanding of Industry

    • Reviews (Limited Assurance)
    o Engagement Letter Required
    o Independence Required
    o Inquiries & Analytical Procedures

    SSAE: Reasonable Assurance, Independence
    • Examination- High Level of Assurance
    • Review- Medium Level of Assurance
    • Agreed Upon Procedures – No assurance
    • Forecasts and Projections (Hypothetical)
    • Compliance
    • MD&A
    • Control Service Orgs

    *Pro Forma or Prospective Financial Statements SSAE

    From EY: “Reporting on pro forma financial information is an attestation engagement covered by Statement on Standards for Attestation Engagements, Reporting on Pro Forma Financial Information (AT 401). Under AT 401, auditor’s reports for general distribution are limited to
    (1) assurance based on an examination
    (2) negative assurance based on a review.” https://www.ey.com/us/en/services/assurance/ey-pro-forma-financial-information-auditor-involvement

    Devin
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