Jim Ulvog

Documentation requirements for a review under SSARS 19

Leave a Comment / Compilations & reviews /

I discussed the documentation requirements for compilations previously here and here.  Now it is time to start the discussion of documenting a review.

Our starting point is to address the word should.

Update – SSARS 19 had been replaced by SSARS 21. The entire body of knowledge has been revised. See:

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Documentation requirements for a review under SSARS 19Read More »

Documentation requirements for a review under SSARS 19 Read More »

CPE class on SSARS, written by Jim Ulvog – arriving soon

Leave a Comment / Compilations & reviews /

(cross-posted from Nonprofit Update.)

I have written an on-line CPE course on SSARS called Compilation and Review: Practice Issues.  It is a 3 hour course covering a variety of practice issues for CPAs providing comps and reviews.  It is written at the overview level. 

Arriving soon at the CCH Learning Center.  When it is available on-line, I’ll give more detail and a link to the course.

I wrote the course in a little more casual voice that you might expect to see in a technical class, but not quite as casual as you see on this blog.  If you enjoy the style of writing you see here, you might enjoy the online CPE.

More detail to follow!

UDPATE:  Course now available. See post here.

CPE class on SSARS, written by Jim Ulvog – arriving soon Read More »

Reports on comparative financial statements under SSARS 19

Leave a Comment / Compilations & reviews /

Oops! Looks like I got a little ahead of the professional literature when I drafted samples of comparative review and compilation reports.  SSARS 19 does not explicitly address comparative financials.

What’s the issue?

Update – SSARS 19 had been replaced by SSARS 21. The entire body of knowledge has been revised. See:

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Reports on comparative financial statements under SSARS 19Read More »

Reports on comparative financial statements under SSARS 19 Read More »

Documentation requirements for a compilation under SSARS 19

Leave a Comment / Compilations & reviews /

SSARS 19 has specific documentation requirements for compilations and reviews. I will discuss these requirements in a series of posts.

Compilations first. Reviews later.

The overall documentation requirement is that the accountant should prepare documentation in a compilation with sufficient detail to give a clear understanding of the work performed.

Update – SSARS 19 had been replaced by SSARS 21. The entire body of knowledge has been revised. See:

 

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Documentation requirements for a compilation under SSARS 19Read More »

Documentation requirements for a compilation under SSARS 19 Read More »

In a peer review, you are graded against your quality control document – don’t set the bar so high you cannot meet it

Leave a Comment / Accounting, Compilations & reviews /

CPA firms have a lot of latitude in defining their quality control system.  There are basic components that must be addressed, but firms have the ability to define for themselves how to get there.

One think to keep in mind is that during a peer review your firm’s written quality control document (it has to be written by the way) and SQCS 7 will be the criteria against which your firm will be graded.  The highest standard set by either of those two documents will be your standard.  How could this create a problem for you?

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In a peer review, you are graded against your quality control document – don’t set the bar so high you cannot meet itRead More »

In a peer review, you are graded against your quality control document – don’t set the bar so high you cannot meet it Read More »

How to handle engagement quality control reviews in a small firm

Leave a Comment / Audits, Compilations & reviews /

SQCS 7 requires a policy for engagement quality control reviews in all CPA firms.  There is no size cutoff.  However the rules do anticipate great flexibility in establishing the criteria.

It is perfectly appropriate to fine tune the criteria so that a relatively small number of engagements would be selected.  How?

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How to handle engagement quality control reviews in a small firmRead More »

How to handle engagement quality control reviews in a small firm Read More »

Engagement quality control reviews are required for your quality control system under SQCS 7

Leave a Comment / Audits, Compilations & reviews, Peer Review /

Under the new rules for a quality control system, CPA firms who have accounting and auditing work (that means any compilations or reviews), must have a policy addressing engagement quality control reviews.

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Engagement quality control reviews are required for your quality control system under SQCS 7Read More »

Engagement quality control reviews are required for your quality control system under SQCS 7 Read More »

Quality control system documentation must be written

Leave a Comment / Audits, Compilations & reviews /

One of the changes made by SQCS 7 is that the documentation of the quality control system must be in writing.

Previously the extensive documentation depended on the nature of the firm. In a smaller firm with relatively simple procedures it did not necessarily have to be in writing.  That has changed. You must have something written down.

How to proceed? Three ideas.

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Quality control system documentation must be writtenRead More »

Quality control system documentation must be written Read More »

One sentence explanation of the difference between audits and reviews

Leave a Comment / Audits, Compilations & reviews /

(cross posted from www.ulvog.wordpress.com)

I have discussed the differences between audits, reviews, and compilations here and here. Even developed a visual illustration here.  Ask any CPA and you can get a long explanation of the distinctions.

For something shorter, consult this article by Angus Loten in the Wall Street Journal, which said:

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One sentence explanation of the difference between audits and reviewsRead More »

One sentence explanation of the difference between audits and reviews Read More »