[jeff]

Welcome to the Q3 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[HoosierCPA]

mckan so my understanding of comps and reviews is this..

To fall under SSARS:

MUST be non-issuers
Comps and reviews over HISTORICAL financials.
Review-Requires independence and negative assurance is given
Comp – Doesn't require independence, however if you are not independent you must disclose it. NO assurance is given

Comps and reviews may also fall under SSAE to do so…:

May be EITHER issuer or non issuer
They must deal with prospective financial statements (or anything besides historical)!
And my understanding is the rules are pretty much identical…if I'm wrong someone please let me know.

I believe another key difference is SSAE is conducted in accordance to AICPA and SSARS is GAAS.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Anonymous]

there are reviews (not compilations) for public companies, they fall under PCAOB – but yes, I believe the rules are essentially the same.

[HoosierCPA]

@allaboard yes thanks for clarifying. Looks like it won't let me edit my original post so hopefully I didn't confuse anyone!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[mckan514w]

Great guy thanks!!! Like I said I started thinking I don't think I've come across one that is NOT a non-issuer but what if I did on the exams…. but what everyone has said is pretty much my understanding….

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[JT]

One thing I would like to point out about @dtatham10 recent comment, though I agree to it completely, I have some issues with that last sentence…

“I believe another key difference is SSAE is conducted in accordance to AICPA and SSARS is GAAS.”
I believe SSARS is under AICPA as well.

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[Anonymous]

I think I've come across one question that was about interim review of an issuer. It was asking something along the lines of what is the objective of an interim review of an issuer – the answer was to express negative assurance that the issuer was in compliance with the AFRF/not aware of any material adjustments…blah blah. I think the bad answers were about expressing an opinion or to decrease the amount of work needed for the YE audit. I'll post it if I see if again.

[HoosierCPA]

@Dab I've been reviewing the reports and this is where I came up with that determination. On all of the SSAE engagements the auditors report are worded :

Compilation (SSAE)
“we have compiled…in accordance with the attestation standards established by the AICPA”

Agreed Upon Procedure (SSAE)
“We have perforemd procedure enumerated below…in accordance with the attestation standards established by the AIPCA”

Examination (SSAE)
“We have examined…in accordance with the attestation standards established by the AICPA”

I noticed the SSARS engagements I don't see that wording (probably why I wrongly made this assumption)

Review (SSARS):
Under the Auditors Responsibility section “Our responsbility is to conduct our review in accordance with auditing standards generally accepted in the USA applicable to reviews of interim financial information”

The fact that I see no use of the words AICPA made mt think it was a different set of standards being followed.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Anonymous]

I believe AICPA established GAAS. right? so by saying it was conducted following GAAS, it's indirectly saying standards set by AICPA.

[HoosierCPA]

According to Wikipedia you are correct! lol.

I still think its worth making the distinction that SSAE reports specifically state AICPA while the SSARS reports do not, they simply state they are in accordance to GAAS. Maybe I'm just nitpicking too much tho! haha

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Anonymous]

Sorry, my comment above is wrong. It's a review, not an audit – so I shouldn't be talking about GAAS. I've been studying too long and all the info is starting to leak out the other side.

SSARS is established by the Accountings and Review Services Committee (is the c committee?) of the AICPA

[Theodore]

@allaboard and dtatham10 if using becker page 49 for a review states “Accts responsibility is to conduct the review in accordance with SSARs promulgated by the accounting and review services committee of the AICPA.” Compilations follow the same stds for SSARs

Page 73 on A2 provides a summary of the engagements and stds.

and SSAE on page 77 states SSAE are established by AICPA

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[Theodore]

@allaboard I feel the same. I was confident a week ago now im second guessing myself

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[HoosierCPA]

I'm going to have to re-look at these reports. I suspect the SSARS review report I quoted above might be the Interim Review report..I'll have to look later when I have more time.

@rosy @allaboard I have 2nd guessed myself far too many times!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Anonymous]

@dtatham10 – yeah that reads more like the interim report of an issuer. I vaguely remember roger repeating “ssars by the arsc of the aicpa” over and over. I guess now I know why.

[Theodore]

@dtatham10 actually Interim review reports follow SAS (AICPA) for non issuers and PCAOB for issuers.

This is actually helping me remember the reports. lol

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[Author]

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