What financial statement references are required at the bottom of financial statement
SSARS
The Statements on Standards for Accounting and Review Services (SSARS) provide guidance in performing preparation of financial statements, compilation, and review engagements. SSARS engagements tend to take much less time than audits and can be provided at a lesser cost. These services are not, however, as rigorous as an audit. The SSARS are issued by the AICPA.
CPAs can provide any of the following services as provided for in the SSARS:
Preparation Engagement
AR-C 70 provides guidance for preparation of financial statement engagements. This standard allows CPAs to issue financial statements without a compilation report. A disclaimer (no assurance is provided) is required. Disclosures to the financial statements are not required. The CPA need not be independent.
Compilation Engagement
AR-C 80 provides guidance for compilation engagements. The CPA usually assists with the preparation of financial statements and then reads them to see if they appear appropriate. Disclosures to the financial statements are not required. A compilation report is required. The CPA need not be independent.
Review Engagement
AR-C 90 provides guidance for review engagements. The CPA usually assists with the preparation of financial statements and then makes inquiries and creates analytics. These procedures provide the basis for a limited assurance report. A review report is required. The financial statements are full-disclosure. The CPA must be independent.
Here are my SSARS articles to assist you in your work.
Preparation Articles
AR-C 70
AR-C 70: Preparation of Financial Statements Engagement
Are you aware of the option in the SSARS titled Preparation of
Preparing Financial Statements: Which Standards Apply?
Which standards apply when you prepare financial statements? The AICPA Accounting and
SSARS 21: What Have We Learned?
SSARS 21 has been in existence since October 2014. What have we
SSARS 23 Changes Preparation and Compilation Engagements
SSARS 23 changes preparation and compilation engagements. The article summarizes the effects
Selected Disclosures in Preparation and Compilation Engagements
Do you ever want to include just one disclosure in your financial statements without
Supplementary Information: Compilation and Preparation Engagements
Are you wondering how to present supplementary information in compilation and preparation
Issue Financial Statements in the Most Efficient Way
What is the most efficient way to issue financial statements? Tax basis
Bookkeeping, Preparations, Compilations, and Review Engagements: Questions and Answers
Today, we’ll answer various questions regarding bookkeeping, preparations, compilations, and review engagement.
Which Special Purpose Reporting Framework Should I Use?
You’ve been contacted by your client to prepare their financial statements and
Compilation Articles
AR-C 80
Financial Statement References (at the Bottom of the Page)
What financial statement references are required at the bottom of financial statement
Independence in Attest Engagements: Peer Review Focus
Independence in attest engagements in critical. Peer reviewers continue to focus on
Going Concern in Compilation and Review Engagements
Do you need to concern yourself with going concern in compilation and
AR-C 80: How to Perform Compilation Engagements
Knowing how to perform compilation engagements is important for CPAs. Below I
10 Steps to Make Work Papers Sparkle
In this post, I provide ten steps to make work papers sparkle.
Preparing Financial Statements: Which Standards Apply?
Which standards apply when you prepare financial statements? The AICPA Accounting and
SSARS 21: What Have We Learned?
SSARS 21 has been in existence since October 2014. What have we
SSARS 23 Changes Preparation and Compilation Engagements
SSARS 23 changes preparation and compilation engagements. The article summarizes the effects
Compilations: Lacking Independence in the Current or Prior Period
Do you lack independence in a compilation engagement? If yes, then here’s
Selected Disclosures in Preparation and Compilation Engagements
Do you ever want to include just one disclosure in your financial statements without
Supplementary Information: Compilation and Preparation Engagements
Are you wondering how to present supplementary information in compilation and preparation
Bookkeeping, Preparations, Compilations, and Review Engagements: Questions and Answers
Today, we’ll answer various questions regarding bookkeeping, preparations, compilations, and review engagement.
Are You Up to Speed on the New Pro Forma Information Standard?
The Accounting and Review Services Committee (ARSC) issued SSARS 22 Compilation of
Which Special Purpose Reporting Framework Should I Use?
You’ve been contacted by your client to prepare their financial statements and
Review Articles
AR-C 90
SSARS 25: Materiality and Adverse Conclusions
The AICPA has issued SSARS 25. It is titled Materiality in a
AR-C 90: How to Perform Review Engagements
Review engagements provide limited assurance using AR-C 90, Review of Financial Statements. And
Financial Statement References (at the Bottom of the Page)
What financial statement references are required at the bottom of financial statement
Independence in Attest Engagements: Peer Review Focus
Independence in attest engagements in critical. Peer reviewers continue to focus on
Going Concern in Compilation and Review Engagements
Do you need to concern yourself with going concern in compilation and
10 Steps to Make Work Papers Sparkle
In this post, I provide ten steps to make work papers sparkle.
Preparing Financial Statements: Which Standards Apply?
Which standards apply when you prepare financial statements? The AICPA Accounting and
Bookkeeping, Preparations, Compilations, and Review Engagements: Questions and Answers
Today, we’ll answer various questions regarding bookkeeping, preparations, compilations, and review engagement.
Which Special Purpose Reporting Framework Should I Use?
You’ve been contacted by your client to prepare their financial statements and