[cpa007]

Can anyone please explain the difference between Interim Reviews under SSARS and SSAE . Also what is the basic distinction which standard to use under AU and PCEAOB.

[Lou]

well your first problem is thinking that interim reviews are under SSARS or SSAE. Interim reviews for non issuers are under SAS and interim reviews for issuers are under the PCAOB.

FAR- taken 8/11/16....now the wait begins
AUD- scheduled 9/8/16
BEC- scheduled 10/9/16
REG-scheduled 12/10/16

Live a few years like most people won't, to live the rest of your life like most people can't.

[Bear-Bear]

Found this super old thread on here, and these folks say that the difference stems more from audited vs unaudited. In other words, reviewing unaudited interim financials = SSARS and reviewing audited interim financials = SAS. Hmmm

https://www.another71.com/cpa-exam-forum/topic/audit-question-1/

[devin]

SSARS: unaudited historical FS (Nonissuers)
• Preparation, Compilation (No Assurance)
o Independence NOT Required, Compilation, requires Paragraph
o Obtain understanding of Industry

• Reviews (Limited Assurance)
o Engagement Letter Required
o Independence Required
o Inquiries & Analytical Procedures

SSAE: Reasonable Assurance, Independence
• Examination- High Level of Assurance
• Review- Medium Level of Assurance
• Agreed Upon Procedures – No assurance
• Forecasts and Projections (Hypothetical)
• Compliance
• MD&A
• Control Service Orgs

*Pro Forma or Prospective Financial Statements SSAE

From EY: “Reporting on pro forma financial information is an attestation engagement covered by Statement on Standards for Attestation Engagements, Reporting on Pro Forma Financial Information (AT 401). Under AT 401, auditor’s reports for general distribution are limited to
(1) assurance based on an examination
(2) negative assurance based on a review.” https://www.ey.com/us/en/services/assurance/ey-pro-forma-financial-information-auditor-involvement

[Author]

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