Indicate if the CPA offers any type of assurance when performing the followinga. An Interim Review per PCAOBA Compilation per SSARSA Preparation per SSARSYesNoNo b. An Interim Review per PCAOBA Compilation per SSARSA Preparation per SSARSYesYesNo c. An Interim Review per PCAOBA Compilation per SSARSA Preparation per SSARSNoYesYes d. An Interim Review per PCAOBA Compilation per SSARSA Preparation per SSARSNoYesNo e. An Interim Review per PCAOBA Compilation per SSARSA Preparation per SSARSNoNoNo

The accountant has to perform the review in accordance with the standards as set by PCAOB.It is a process of performing analytical procedures. The person who made the financial disclosures needs to be inquired. A compilation per SSARS, section 80 says that the Compilation Engagement applies when its is required of accountant to perform compilation engagement. The accountant needs to obtain an engagement letter which must be signed by the accountant itself and the client for all the reviews and compilations.A CPA should undertake interim review with the same level of independence as the annual audit because it involves expression of opinion on the interim financial statements. Preparation of financial statements can be undertaken regardless of the independence status of the CPA. Therefore, option (b) is the correct answer.

Answered: Indicate if the CPA offers any type of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Indicate if the CPA offers any type of assurance when performing the following

An Interim Review per PCAOB	A Compilation per SSARS	A Preparation per SSARS
Yes	No	No

An Interim Review per PCAOB	A Compilation per SSARS	A Preparation per SSARS
Yes	Yes	No

An Interim Review per PCAOB	A Compilation per SSARS	A Preparation per SSARS
No	Yes	Yes

An Interim Review per PCAOB	A Compilation per SSARS	A Preparation per SSARS
No	Yes	No

An Interim Review per PCAOB	A Compilation per SSARS	A Preparation per SSARS
No	No	No

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