71, an accountant may review interim financial information or financial statements. An accountant may perform a SSARS review only on a financial statement (for example, a balance sheet) or a set of financial statements (for example, a balance sheet, income statement and statement of cash flows). 28, Interim Financial Reporting, are considerably less extensive than those for annual financial statements that present financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The disclosures necessary for interim financial information to be presented in accordance with the minimum disclosure requirements of Accounting Principles Board Opinion no.
#Generally accepted auditing standards sas ssars full
71 applies only to interim financial statements or information, which includes financial statements or information for less than a full year or for a 12-month period ending on a date other than an entity's normal yearend. SSARSs apply to both annual and interim financial statements, although they do not address issues unique to interim statements. * Interim financial statements or information vs. There are three major differences in the applicability of a SAS no.
Statements on standards for accounting and review services (SSARSs) also provide guidance on performing and reporting on a review. 71, Interim Financial Information, to provide accountants with guidance on conducting a review of interim financial information, typically that of a public entity. In May 1992, the American Institute of CPAs auditing standards board issued Statement on Auditing Standards no. Retrieved from ĭeciding when to apply SAS no. APA style: Reviews of financial statements - SAS 71 vs.
Reviews of financial statements - SAS 71 vs.
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