What is the difference between a review under SSAE standards and a review under SSARS?
The deciding factor is the type of client the company is. If the client is an issuer (i.e. public company), then a review engagement is subject to SSAE standards. If the client is a non-issuer (private), then the review engagement is subject to SSARS standards.
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What type of assurance does the CPA provide in a review engagement under SSAE standards?
When the CPA performs a “review” engagement under SSAE standards, limited assurance will be provided. Limited assurance is sometimes referred to as negative assurance. When limited assurance is provided, the CPA is basically saying that based on their work, they are “not aware” of any material misstatements. This is different from positive assurance, because under […]
What are agreed-upon procedures?
Any agreed-upon procedure is when the company hires a CPA to perform a specific task or analysis. Agreed-upon procedures can be performed under SSAE standards. Independence is required, and “NO” assurance is provided.