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Which of the following statements is correct regarding a review engagement of a nonpublic company's financial statements performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS)?

Which of the following statements is correct regarding a review engagement of a nonpublic company's financial statements performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS)? a. An accountant must establish an understanding with the client in an engagement letter. b. An accountant must obtain an understanding of the client's internal control when performing a review. c. A review provides an accountant with a basis for expressing limited assurance on the financial statements. d. A review report contains an accountant's opinion of the financial statements taken as a whole.

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تاريخ النشر: 2013/09/06
مستخدم محذوف‎
من قبل مستخدم محذوف‎

3) the review engagement is a negative assurance, limited assurance.

Subhranshu Ganguly
من قبل Subhranshu Ganguly , Quality Analyst. , WIPRO

I think d A review report contains an accountant's opinion of the financial statements taken as a whole.is correct

Hassan Abbas awan
من قبل Hassan Abbas awan , Senior Accountant , Green Valley premium hyper maket

Statements on Standards for Accounting and Review Services (SSARS) clearly states that;

1. Accountant must Posses level of knowledge of the accounting principles and practice of the industry in which the entity operates and an understanding of the entity's business.

2. Do NOT obtain an understanding of internal controls, assess control risk, or tests of details of balances. However, cannot ignore potential misstatements and should perform procedures appropriate to pursue issues that arise.

3. provide negative / Limited assurance on FS

Mohammad Iqbal Abubaker
من قبل Mohammad Iqbal Abubaker , Jahaca Pty Ltd - Accounts Administrator , Jahaca Pty Ltd - Accounts Administrator

Which of the following statements is correct regarding a review engagement of a nonpublic company's financial statements performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS)?

 

The given below answer seems to be the correct answer.

 

d. A review report contains an accountant's opinion of the financial statements taken as a whole.

Mir Mujtaba Ali
من قبل Mir Mujtaba Ali , Internal Audit Manager , Confidential

d)

The accountant must be free / independent

Houssem Aouididi
من قبل Houssem Aouididi , Senior Joint Venture Accountant , Fresenius Medical Care

In a review engagement of a nonpublic company, the issuance of a report under SSARS would not be appropriate.

So to summarize the answer is C, according to AR 60.44: "Obtain evidence that will provide "a reasonable basis for obtaining limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework."

 

 

AHTSHAM ZAHEER
من قبل AHTSHAM ZAHEER , Sr. Manager , Zahid Jameel & Co., Chartered Accountnats

A and C are correct. Opinion is not required in review engagements, and so too the understanding of internal controls. Limited assurance, also called negative assurance is provided, by the reviewer as to the fact that nothing has come to his knowledge which may compromise the Financial Statements ability of presenting true and fair view of the entity's financial position and performance.  

Md Shahab  Uddin
من قبل Md Shahab Uddin

financial analysis means to define the company points of strnegths,oppourinitesm weakness and threats

Khaled Ahmad Muhammad Alosaimi
من قبل Khaled Ahmad Muhammad Alosaimi , مدير عام , العصيمي للمياه

The external auditor must abide by the standards and principles of public accounting and has nothing to do with the internal system because the auditor’s report is concerned with controlling accounts and detecting errors or internal manipulation.

El-hussien Mohammed Mahmoud El-shafey
من قبل El-hussien Mohammed Mahmoud El-shafey , Chief Accountant , Saudi Staffing Company (TAHEED)

 a. An accountant must establish an understanding with the client in an engagement letter.