Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

AR 60–90 Compilation and Review of Financial Statements

ORIGINAL PRONOUNCEMENTS

Original Pronouncements

Statements on Standards for Accounting and Review Services (SSARSs) 19, 20

DEFINITIONS OF TERMS

Source: AR Section 60.04

Applicable financial reporting framework. The financial reporting framework adopted by management and, when appropriate, those charged with governance in the preparation of the financial statements, that is acceptable in view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.

Assurance engagement. An engagement in which an accountant issues a report designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).

Attest engagement. An engagement that requires independence, as defined in AICPA's Professional Standards.

Financial reporting framework. A set of criteria that an entity uses to measure, recognize, present, and disclose the material items appearing in a set of financial statements.

Financial statements. A structured representation of historical financial information, including related notes, intended to communicate an entity's economic resources and obligations at a point in time or the changes therein for a period of time in accordance with a financial reporting framework. The related notes ordinarily comprise ...