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Distribution Statements and Their Corresponding Reasons for Use DISTRIBUTION STATEMENT C. Distribution authorized to U.S. Government agencies and their ...
Forming an Opinion and Reporting on Financial Statements
The amendments are effective for audits of financial statements for periods ending on or after December 15 2022
Special Considerations — Audits of Financial
Financial statements pre- pared in accordance with a special purpose framework. Special purpose framework. A financial reporting framework other than generally
Preparation of Financial Statements
A16). ©2021 AICPA. AR-C §70.14. Page 4. 4480. Statements on Standards for Accounting and Review Services. [As amended
Review of Financial Statements
[Paragraph added effective for reviews of financial statements for periods ending on or after December 15
Compilation Engagements
c. identify the entity whose financial statements have been sub- jected to the compilation engagement. d. specify the date or
AICPA
understand that financial statements are prepared presented
Special Considerations — Audits of Group Financial Statements
of an Audit in Accordance With Generally Accepted Auditing Standards. AU-C §600.06. ©2021 AICPA. Page 3. Special Considerations
PACAOS-Appendix-C: Nondiscrimination Statement Student
APPENDIX C: NONDISCRIMINATION POLICY STATEMENT FOR. UNIVERSITY OF CALIFORNIA PUBLICATIONS REGARDING. STUDENT-RELATED MATTERS. Page 1 of 4.
Consideration of Laws and Regulations in an Audit of Financial
AU-C Section 250. Consideration of Laws and Regulations in an. Audit of Financial Statements. Source: SAS No. 122. Effective for audits of financial
[PDF] Control statements in C
Control statements control the flow of execution of the statements of a program The various types of control statements in C language are as under:-
[PDF] Unit –II Concepts: Control statements in C Programming Language:
A statement is a syntactic unit of an imperative programming language that Selectional statement are used to make one-time decisions in C Programming
[PDF] Loop Control Structures in C
What the different loop control statements used in C? Give the syntax of each Solution: Looping meant directs a program to perform a set of operations
[PDF] Control Statements - CSE IIT Kgp
The for statement is the most commonly used looping structure in C • General syntax: for (expression1; expression2; expression3) statement-to-repeat;
[PDF] Control Statements in C GATE Notes PDF - BYJUS Exam Prep
Control statements in C enable the user to execute a particular code block conditionally C supports decision control statements that can alter the flow of
[PDF] Lesson 02 Iteration/Looping in C Programming - University of Calcutta
The syntax of while loop in c language is given below: initialisation; while(condition) { block of statements to be executed ; increment; }
[PDF] Chapter 6 Iteration Statements
In C every loop has a controlling expression • Each time the loop body is executed (an iteration of the loop) the controlling expression is evaluated
[PDF] C - Decision Making - CMP Degree College
Decision making statements in programming languages decides the direction of flow of program execution Decision making statements available in C or C++ are
[PDF] C Programming Tutorial - UNF
In C program the semicolon is a statement terminator That is each individual statement must be ended with a semicolon It indicates the end of one
What are statements in C?
C statements consist of tokens, expressions, and other statements. A statement that forms a component of another statement is called the "body" of the enclosing statement. Each statement type given by the following syntax is discussed in this section.What is control statements in C PDF?
Control statements in C enable the user to execute a particular code block conditionally. C supports decision control statements that can alter the flow of a sequence of instructions. The control flow statements allow the user to execute the code as per the requirements without executing it in sequential order.How many statements are there in C?
There are four types of control statements in C: Decision making statements (if, if-else) Selection statements (switch-case) Iteration statements (for, while, do-while)- There are three different classes of statements in C: expression statements, compound statements, and control statements. An expression statement consists of an expression followed by a semicolon.
Preparation of Financial Statements4477
AR-C Section 70
Preparation of Financial Statements
Source: SSARS No. 21; SSARS No. 23; SSARS No. 25.
Effective for the preparation of ?nancial statements for periods end- ing on or after December 15, 2015, unless otherwise indicated.IntroductionScope of This Section
.01This section applies when an accountant in public practice is engaged to prepare ?nancial statements or prospective ?nancial information. (Ref: par. .A1-.A2).This section may also be applied, adapted as appropriate in the circumstances,to the preparation of other historical ?nancial information. (Ref: par. .A3)
This section does not apply when an accountant prepares ?nancial statements or prospective ?nancial information and is engaged to perform an audit,review,or compilation of those ?nancial statements,solely for submission to taxing authorities,
for inclusion in written personal ?nancial plans prepared by the accountant, in conjunction with litigation services that involve pending or po- tential legal or regulatory proceedings, or in conjunction with business valuation services.[1] [As amended, effective for prospective ?nancial information prepared on or af- ter May 1, 2017, by SSARS No. 23.] .02The determination about whether the accountant has been engaged to prepare ?nancial statements or merely assist in preparing ?nancial statements(which is a bookkeeping service that is not subject to this section) is determinedbased on services the client requests the accountant to perform and requires
the accountant to apply professional judgment. (Ref: par. .A4)The Preparation Engagement
.03An engagement to prepare ?nancial statements is a nonattest serviceand does not require a determination about whether the accountant is inde-pendent of the entity. (Ref: par. .A5)
.04In addition, an engagement to prepare ?nancial statements does not provided by management or otherwise gather evidence to express an opinion or a conclusion on the ?nancial statements or otherwise report on the ?nancialstatements. [1] [Footnote deleted by the issuance of SSARS No. 23, October 2016.]©2021, AICPA AR-C §70.04
4478Statements on Standards for Accounting and Review Services
Effective Date
.05This section is effective for the preparation of ?nancial statements for periods ending on or after December 15, 2015. Early implementation is permit- ted.Objective
.06The objective of the accountant is to prepare ?nancial statements pur- suant to a speci?ed ?nancial reporting framework.Definitions
.07For purposes of Statements on Standards for Accounting and Review Services (SSARSs), the following terms have the meanings attributed as fol- lows: Management.The person(s) with executive responsibility for the con- some or all of those charged with governance (for example, executive members of a governance board or an owner-manager). Those charged with governance.The person(s) or organization(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of an entity and the obligations related to the ac- ing process.Those charged with governance may include management personnel (for example, executive members of a governance board or an owner-manager). [As amended, effective for the preparation of ?nancial statements for periods ending on or after December 15, 2021, by SSARS No. 25.]Requirements
General Principles for Performing Engagements to PrepareFinancial Statements
.08In addition to complying with this section, an accountant is required to comply with section 60,General Principles For Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services. Acceptance and Continuance of Client Relationships andEngagements to Prepare Financial Statements
.09If the accountant is not satis?ed with any of the matters set out in paragraph .26 of section 60 as preconditions for accepting an engagement to prepare ?nancial statements, the accountant should discuss the matter with management or those charged with governance. If changes cannot be made to satisfy the accountant about those matters, the accountant should not accept the proposed engagement.Agreement on Engagement Terms
.10The accountant should agree upon the terms of the engagement with management or those charged with governance, as appropriate. The agreed- upon terms of the engagement should be documented in an engagement letterAR-C §70.05 ©2021, AICPA
Preparation of Financial Statements4479
or other suitable form of written agreement between the parties and should include the following: (Ref: par. .A7-.A11) a.The objective of the engagement b.The responsibilities of management set forth in paragraph .26b of section 60c.The agreement of management that each page of the ?nancialstatements will include a statement indicating that no assuranceis provided on the ?nancial statements or the accountant will berequired to issue a disclaimer that makes clear that no assurance
is provided on the ?nancial statements. (Ref: par. .A13) d.The responsibilities of the accountant e.The limitations of the engagement to prepare ?nancial state- mentsf.Identi?cation of the applicable ?nancial reporting framework forthe preparation of ?nancial statements
g.Whether the ?nancial statements are to contain a known depar-ture or departures from the applicable ?nancial reporting frame-work (including inadequate disclosure) or omit substantially alldisclosures required by the applicable ?nancial reporting frame-work
[As amended, effective October 2016, by SSARS No. 23.] .11The engagement letter or other suitable form of written agreement should be signed by a.the accountant or the accountant"s ?rm and b.management or those charged with governance, as appropriate.(Ref: par. .A10) The Accountant"s Knowledge and Understanding of the Entity"sFinancial Reporting Framework
.12The accountant should obtain an understanding of the ?nancial re- porting framework and the signi?cant accounting policies intended to be used in the preparation of the ?nancial statements. (Ref: par. .A12)Preparing the Financial Statements
.13The accountant should prepare the ?nancial statements using the records, documents, explanations, and other information provided by manage- ment. .14The accountant should ensure that a statement is included on each page of the ?nancial statements indicating, at a minimum, that "no assurance is provided" on the ?nancial statements. If the accountant is unable to include a statement on each page of the ?nancial statements, the accountant should do one of the following: (Ref: par. .A13)a.Issue a disclaimer that makes clear that no assurance is providedon the ?nancial statements. (Ref: par. .A14)
b.Perform a compilation engagement in accordance with section 80,Compilation Engagements. c.Withdraw from the engagement and inform management of the reasons for withdrawing. (Ref: par. .A15-.A16)©2021, AICPA AR-C §70.14
4480Statements on Standards for Accounting and Review Services
[As amended, effective October 2016, by SSARS No. 23. As amended, effective for the preparation of ?nancial statements for periods ending on or after De- cember 15, 2021, by SSARS No. 25.] .15When preparing ?nancial statements in accordance with a special pur- pose framework, the accountant should include a description of the ?nancial reporting framework on the face of the ?nancial statements or in a note to the ?nancial statements. (Ref: par. .A17) .16If, during the preparation of ?nancial statements, the accountant as- to be re?ected in the ?nancial statements, the accountant should discuss those ments re?ected in ?nancial statements and accepts responsibility for those judgments. (Ref: par. .A18 and .A24) .17If the accountant becomes aware that the records,documents,explana- tions, or other information, including signi?cant judgments, used in the prepa- ration of the ?nancial statements are incomplete, inaccurate, or otherwise un- satisfactory, the accountant should bring that to the attention of management and request additional or corrected information.If management fails to provide such additional or corrected information, the accountant should disclose a ma- with paragraph .18 or withdraw from the engagement and inform management of the reasons for withdrawing. (Ref: par. .A15-.A16) [As amended, effective for the preparation of ?nancial statements for periods ending on or after December15, 2021, by SSARS No. 25.]
.18When, after discussions with management, the accountant prepares ?nancial statements that contain a known departure or departures from the applicable?nancialreporting framework(includinginadequatedisclosure),the accountant should disclose the material misstatement or misstatements in the ?nancial statements. (Ref: par. .A19)Preparing Prospective Financial Information
.19The summary of signi?cant assumptions is essential to the user"s un- derstanding of prospective ?nancial information. Accordingly, the accountant should not prepare prospective ?nancial information that excludes disclosure of the summary of signi?cant assumptions. Also, the accountant should not prepare a ?nancial projection that excludes either (a)anidenti?cationofthe hypothetical assumptions or (b) a description of the limitations on the useful- ness of the presentation. [Paragraph added, effective for prospective ?nancial information prepared on or after May 1, 2017, by SSARS No. 23.] Financial Statements That Omit Substantially All the Disclosures Required by the Applicable Financial Reporting Framework .20When, after discussions with management, the accountant prepares ?nancial statements that omit substantially all disclosures required by the applicable ?nancial reporting framework, the accountant should disclose such omission either in the ?nancial statements or in an accompanying disclaimer. (Ref: par. .A20) [Paragraph renumbered by the issuance of SSARS No. 23, Oc- tober 2016. As amended, effective for the preparation of ?nancial statements for periods ending on or after December 15, 2021, by SSARS No. 25.] .21The accountant should not prepare ?nancial statements that omit sub-AR-C §70.15 ©2021, AICPA
Preparation of Financial Statements4481
accountant"s professional judgment, such ?nancial statements would be mis- leading to users of the ?nancial statements. (Ref: par. .A21-.A23) [Paragraph renumbered by the issuance of SSARS No. 23, October 2016. As amended, ef- fective for the preparation of ?nancial statements for periods ending on or afterDecember 15, 2021, by SSARS No. 25.]
Documentation in a Preparation Engagement
.22The accountant should prepare documentation in connection with each preparation engagement in suf?cient detail to provide a clear understanding of the work performed which, at a minimum, includes the following: (Ref: par. .A24)a.The engagement letter or other suitable form of written documen-tation with management, as described in paragraphs .10-.11
b.A copy of the ?nancial statements that the accountant prepared [Paragraph renumbered by the issuance of SSARS No. 23, October 2016.] .23If, in rare circumstances, the accountant judges it necessary to depart from a relevant presumptively mandatory requirement, the accountant must document the justi?cation for the departure and how the alternative proce- dures performed in the circumstances were suf?cient to achieve the intent of that requirement. [Paragraph renumbered by the issuance of SSARS No. 23,October 2016.]
Application and Other Explanatory Material
Scope of This Section (Ref: par. .01-.02)
.A1If the accountant is engaged to prepare prospective ?nancial infor- mation, references in this section to?nancial statementsaretobetakenasa reference to prospective ?nancial information. [Paragraph added, effective for prospective ?nancial information prepared on or after May 1, 2017, by SSARSNo. 23.]
.A2AICPA GuideProspective Financial Information(the guide) provides comprehensive guidance regarding prospective ?nancial information. Chapter6, "Preparation Guidelines;" chapter 7, "Reasonably Objective Basis;" chapter
8,"Presentation Guidelines;" and chapter 9,"Illustrative Prospective Financial
for ?nancial forecasts and ?nancial projections. The guide also includes infor- mation about the types and uses of prospective ?nancial information.The guide provides suitable criteria for the preparation and presentation of prospective tive ?nancial information prepared and presented in accordance with other suitable criteria. [Paragraph added, effective for prospective ?nancial informa- tion prepared on or after May 1, 2017, by SSARS No. 23.] .A3Other historical ?nancial information to which this section may be applied includes the following: Speci?ed elements, accounts, or items of a ?nancial statement, such as schedules of rentals, royalties, pro?t participation, or pro- vision for income taxesSupplementary information
©2021, AICPA AR-C §70.A3
4482Statements on Standards for Accounting and Review Services
Required supplementary information
Pro forma ?nancial information
[Paragraph renumbered and amended, effective October 2016, by SSARSNo. 23.]
.A4The appendix, "Preparation of Financial Statements Versus Assis- tance in Preparing Financial Statements," provides examples of services that the accountant may be engaged to perform and whether this section would ap- ply. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016.]The Preparation Engagement (Ref: par. .03)
.A5The "Nonattest Services" subtopic of the "Independence Rule" (ET sec.1.295) addresses the accountant"s considerations with respect to independence
when performing nonattest services for attest clients. For example, the accoun- tant may prepare monthly or other interim ?nancial statements and be en- gaged to perform an audit, review, or compilation engagement with respect to the annual ?nancial statements. The accountant needs to be aware that the performance of the preparation services may impair independence unless the safeguards described in this subtopic are met. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016.]Definitions (Ref: par. .07)
Agreement on Engagement Terms (Ref: par. .10-.11)
.A7Both management and the accountant have an interest in document- ing the agreed-upon terms of the engagement to prepare ?nancial statements before the commencement of the engagement to help avoid misunderstandings with respect to the engagement. For example, it reduces the risk that manage- ment may inappropriately rely on or may expect the accountant to protect man- agement against certain risks or to perform certain functions, including those that are management"s responsibility. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016.] .A8When a third party has contracted for an engagement to prepare the entity"s ?nancial statements, agreeing the terms of the engagement with man- agement of the entity is necessary in order to establish that the preconditions for an engagement to prepare ?nancial statements are present. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016.] .A9Theunderstandingwithmanagementregardingtheservices tobeper- formed for engagements to prepare ?nancial statements is required by para- graph .10 to be in a documented form, and, accordingly, an oral understand- ing is insuf?cient. An engagement letter is the most common, and usually the most convenient, method for documenting the understanding with manage- ment regarding the services to be performed for engagements to prepare ?- nancial statements. [Paragraph renumbered and amended, effective October2016, by SSARS No. 23.]
.A10The roles of management and those charged with governance in agreeing upon the terms of the engagement to prepare ?nancial statements for the entity depend on the governance structure of the entity and relevant law or regulation. Depending on the entity"s structure, the agreement may be with management, those charged with governance, or both. Nonetheless, whenAR-C §70.A4 ©2021, AICPA
Preparation of Financial Statements4483
the agreement on the terms of engagement is only with those charged with governance in accordance with paragraph .26bof section 60, the accountant is required to obtain management"s agreement that it acknowledges and under- stands its responsibilities. [Paragraph renumbered by the issuance of SSARSNo. 23, October 2016.]
.A11An illustrative example of an engagement letter for an engagement to prepare ?nancial statements is presented in the exhibit, "Illustrative En- gagement Letter." [Paragraph renumbered by the issuance of SSARS No. 23,October 2016.]
The Accountant"s Knowledge and Understanding of the Entity"sFinancial Reporting Framework (Ref: par. .12)
.A12The requirement that the accountant obtain an understanding of the ?nancial reporting framework adopted by management intended to be used in the preparation of the ?nancial statements and the signi?cant accounting poli- cies adopted by management does not prevent the accountant from accepting an engagement to prepare ?nancial statements for an entity in an industry in which the accountant has no previous experience. The accountant may obtain such understanding, for example, by consulting AICPA guides, industry pub- lications, ?nancial statements of other entities in the industry, textbooks and periodicals, appropriate continuing professional education, or individuals who are knowledgeable about the industry.[Paragraph renumbered by the issuance of SSARS No. 23, October 2016.] Preparing the Financial Statements (Ref: par. .10, .14-.16, and .18) .A13The statement on each page of the ?nancial statements,including re- lated notes,is intended to avoid misunderstanding on the part of users with re- spect to the accountant"s involvement with the ?nancial statements. The state- ment is made at management"s discretion, and the accountant or the accoun- tant"s ?rm name is not required to be included. The accountant is concerned that the indication is not misleading. Examples of a statement on each page of the ?nancial statements include the following: No assurance is provided on these ?nancial statements. These ?nancial statements have not been subjected to an audit or review or compilation engagement, and no assurance is provided on them. Other statements that convey that no assurance is provided on the ?nancial statements would also be acceptable. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016.] .A14An example of a disclaimer that the accountant may issue is as fol- lows: The accompanying ?nancial statements of XYZ Company as of and for the year ended December 31, 20XX, were not subjected to an audit, review, or compila- tion engagement by me (us) and I (we) do not express an opinion, a conclusion, nor provide any assurance on them. [Signature of accounting ?rm or accountant, as appropriate] [Accountant"s city and state] [Date]©2021, AICPA AR-C §70.A14
4484Statements on Standards for Accounting and Review Services
[Paragraph renumbered by the issuance of SSARS No. 23, October 2016. Re- of SSARS No. 23.] .A15In circumstances addressed by the requirements of this section in which withdrawal from the engagement is necessary, the responsibility to in- form management of the reasons for withdrawing provides an opportunity to explain the accountant"s ethical obligations.[Paragraph added,effective for the preparation of ?nancial statements for periods ending on or after December 15,2021, by SSARS No. 25.]
.A16When making a determination about whether and how to withdraw from an engagement, the accountant may wish to consult with legal counsel. [Paragraph added, effective for the preparation of ?nancial statements for pe- riods ending on or after December 15, 2021, by SSARS No. 25.] .A17A description of the special purpose framework is usually placed next to or under the title of the ?nancial statements (for example "statement of as- sets and liabilities-modi?ed cash basis"). However, the description may be placed elsewhere in the ?nancial statements. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016. Paragraph subsequently renumbered by the issuance of SSARS No. 25, February 2020.] .A18In the preparation of ?nancial statements, the accountant may pro- vide assistance to management with signi?cant judgments (for example, the accountant may advise management on alternative accounting policies that are signi?cant to the ?nancial statements or help management with signi?- cant judgments regarding material accounting estimates). [Paragraph renum- bered by the issuance of SSARS No. 23, October 2016. Paragraph subsequently renumbered by the issuance of SSARS No. 25, February 2020.] .A19The disclosure of the material misstatement or misstatements may be made on the face of the ?nancial statements or in a note to the ?nancial statements. [Paragraph renumbered by the issuance of SSARS No. 23, October2016. Paragraph subsequently renumbered by the issuance of SSARS No. 25,
February 2020.]
Financial Statements That Omit Substantially All the Disclosures Required by the Applicable Financial Reporting Framework (Ref: par. .20-.21) .A20The disclosure of the omission of substantially all disclosures re- quired by the applicable ?nancial reporting framework may be made on the face of the ?nancial statements or in a selected note to the ?nancial statements. [Paragraph renumbered by the issuance of SSARS No. 23, October 2016. Para- graph subsequently renumbered by the issuance of SSARS No. 25, February2020.]
.A21The accountant may prepare ?nancial statements that include dis- closures about only a few matters in the notes to the ?nancial statements. Such disclosures may be labeled "Selected Information-Substantially All Dis- closures Required by [the applicable ?nancial reporting framework] Are Not Included." [Paragraph renumbered by the issuance of SSARS No. 23, October2016. Paragraph subsequently renumbered by the issuance of SSARS No. 25,
February 2020.]
.A22Financial statements may be misleading, for example, if the applica- ble ?nancial reporting framework includes the premise that the ?nancial state- ments are prepared on the going concern basis and undisclosed uncertaintiesAR-C §70.A15 ©2021, AICPA
Preparation of Financial Statements4485
exist regarding the entity"s ability to continue as a going concern. If the ac- countant becomes aware that uncertainties exist regarding the entity"s ability to continue as a going concern, the accountant may suggest additional disclo- sures concerning the entity"s ability to continue as a going concern in order to avoid the ?nancial statements being misleading. [Paragraph added, effective for the preparation of ?nancial statements for periods ending on or after De- cember 15, 2021, by SSARS No. 25.] .A23Disclosure of items, such as an uncertainty, is not required in ?nan- cial statements in which substantially all the disclosures required by the ap- plicable ?nancial reporting framework are omitted.[Paragraph added,effective for the preparation of ?nancial statements for periods ending on or after De- cember 15, 2021, by SSARS No. 25.]Documentation in a Preparation Engagement
(Ref: par. .16 and .22) .A24Documentation may include documentation regarding signi?cant consultations or signi?cant professional judgments made throughout the en- gagement. [Paragraph renumbered by the issuance of SSARS No. 23, October2016. Paragraph subsequently renumbered by the issuance of SSARS No. 25,
February 2020.]
©2021, AICPA AR-C §70.A24
4486Statements on Standards for Accounting and Review Services
.A25Appendix - Preparation of Financial Statements
Versus Assistance in Preparing Financial Statements (Ref: par. .A4) The determination about whether the accountant has been engaged to prepare ?nancial statements or merely assist in preparing ?nancial statements (which is a bookkeeping service that is not subject to this section) is determined based on the services the client requests the accountant to perform and requires the accountant to apply professional judgment. The following table provides exam- ples of services that the accountant may be engaged to perform and whether section 70 would apply. The table is not intended to be all inclusive, and profes- sional judgment would still need to be applied.Examples of Services for Which
This Section Applies
Examples of Accountant Services for
Which This Section Does Not Apply
Preparation of ?nancial statements prior
to audit or review by another accountantPreparation of ?nancial statements when
the accountant is engaged to perform an audit, review, or compilation of such ?nancial statementsPreparation of ?nancial statements for
an entity to be presented alongside the entity"s tax returnPreparation of ?nancial statements with
a tax return solely for submission to taxing authoritiesPreparation of personal ?nancial
statements for presentation alongside a ?nancial planPersonal ?nancial statements that are
prepared for inclusion in written personal ?nancial plans prepared by the accountantFinancial statements prepared in
conjunction with litigation services that involve pending or potential legal or regulatory proceedingsFinancial statements prepared in
conjunction with business valuation servicesMaintaining depreciation schedules
Preparing or proposing certain
adjustments, such as those applicable to deferred income taxes, depreciation, or leasesPreparation of single ?nancial
statements, such as a balance sheet or income statement or ?nancial statements with substantially all disclosures omittedDrafting ?nancial statement notes
Using the information in a general ledger
to prepare ?nancial statements outside of an accounting software systemEntering general ledger transactions or
processing payments (general bookkeeping) in an accounting software system [Paragraph renumbered by the issuance of SSARS No. 23, October 2016. Para- graph subsequently renumbered by the issuance of SSARS No. 25, February2020.]
AR-C §70.A25 ©2021, AICPA
Preparation of Financial Statements4487
.A26 Exhibit - Illustrative Engagement Letter (Ref: par. .A11) The following is an example of an engagement letter for an engagement to pre- pare ?nancial statements prepared in accordance with accounting principles generally accepted in the United States of America. This engagement letter is intended as an illustration that may be used in conjunction with the considera- tions outlined in Statements on Standards for Accounting and Review Services. The engagement letter will vary according to individual requirements and cir- cumstances and is drafted to refer to the preparation of ?nancial statements for a single reporting period. The accountant may seek legal advice about whether a proposed letter is suitable.To the appropriate representative of ABC Company:
1 You 2 which comprise the balance sheet as of December 31, 20XX, and the related statements of income, changes in stockholders" equity, and cash ?ows for the year then ended and the related notes to the ?nancial statements.quotesdbs_dbs17.pdfusesText_23[PDF] static and instance methods java
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