What is a review engagement for a nonissuer?
A review engagement for a nonissuer (private company) is subject to SSARS standards. The accountant is required to be independent as limited assurance will be expressed. The accountant should perform limited procedures, which consists of inquiry with management and analytical procedures.
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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 procedures are performed in a review engagement under SSARS?
For a review engagement under SSARS, the accountant will perform limited procedure. Limited procedures consist of inquiry of management and analytical procedures.
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What types of engagements are performed under SSARS?
There are three different types of engagements that an accountant can perform under SSARS. This includes a review (for nonissuers only), a compilation, and a preparation engagement.
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.
What type of procedures are performed in a review engagement under SSARS?
For a review engagement under SSARS, the accountant will perform limited procedure. Limited procedures consist of inquiry of management and analytical procedures.
What types of engagements are performed under SSARS?
There are three different types of engagements that an accountant can perform under SSARS. This includes a review (for nonissuers only), a compilation, and a preparation engagement.
