[JennysDad]

I have only a few more days to go for my AUD exam. Feeling nervous and something I just ran into is making me sweat more. I was wondering if someone could clear up an issue for me. My question is, which standard applies when a CPA reviews quarterly financial statements for non-public audit clients?

For some reason, I always thought AU applies for reviews of non-public companies that have annual audits. However, while doing a simulation in Wiley, my choice was wrong. The correct choice was SSARS.

I know SSARS is true for reviews of non-public companies, but I thought if the company has an annual audit, SAS (AU) applied even for the reviews. Any help in clearing up this matter will be greatly appreciated.

BEC: 84
AUD: 89
REG: 71, 86
FAR: 80

[Anonymous]

I thought the SSARS apply for every compilation and review engagement. But that is only what I have learned from Becker and has nothing to do with audit experience.

[Keely]

I think you are confusing a non-issuer review of annual financial statements (to which SSARS apply) and a non-issuer review of INTERIM financial statements, which is where SAS's apply. Hope that helps.

BEC: (4/2012) 88
AUD: (5/2012) 91
REG: (8/2012) 82
FAR: (1/2013) 78 🙂

VA CPA #42010

[JennysDad]

I thought the quarterly reviews were the interim financial statements. Are they not the same?

BEC: 84
AUD: 89
REG: 71, 86
FAR: 80

[Author]

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