Reviews under SSARS are not interim reviews. SSARS reviews provide negative, limited assurance. Interim Reviews are under SAS and are basically like audits but only through the quarters of a year (required for quarterly issuers), so obviously won't include year end procedures, but would include everything up to 1st, 2nd, 3rd qtrs including inquiry and analytical procedures. SSARS reviews require no understanding of IC, but interim reviews do. MAJOR difference. That's not the focus, the focus is on the different report modifications, and knowing when to use the different opinions and what additional paragraphs are used in different circumstances, like restriction, emphasis of matter, other matter, etc. Becker has great charts of when to use each, in each different scenario, like when prior period was not audited, when there was a change of opinion, change of scope or requirement during the year, etc. Knowing what phrases in a standard report is not as important is knowing the CHANGES to each report based on each situation – like if management refuses this or that, when you can't perform additional audit procedures. Know what situations require an other matter vs emphasis of matter. Know when you would need a disclaimer or just unqualified scope. Wether you would need an additional paragraph or just disclose in footnotes and no paragraph. Know subsequent events, contingencies and uncertainties very well. Know how a writedown affects both the B/S and I/S and how changes in Y/E adjusting J/Es affects both. The exam will incorporate a lot of FAR concepts on it, regarding GAAP disclosure rules, revenue recognition, impairment disclosure, etc. Focus on the pass keys. You'll have to know more than just the standard report. You'll have to know the engagement letter, rep letter, I/C communications, and regular documentation to governance, what would be in each and would not be in each. For example, you should know if a compilation normally has an inherent limitations paragraph in there or not. You should know which reports normally have a restriction of use paragraph (contractual and regulatory basis).
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