Wiley Practitioner's Guide to GAAS 2022

56AT-C 210 Review Engagements

• Technical Alert
• Scope
• Definitions of Terms
• Objectives of Section 215
• Requirements
  • Terms of Engagement
  • Written Assertion
  • Planning the Engagement
  • Materiality
  • Procedures
  • Using the Work of a Practitioner's Specialist or Internal Auditor
  • Evaluating the Results of Procedures
  • Considering Subsequent Events and Subsequently Discovered Facts
  • Written Representations
  • Other Information
  • Description of the Criteria
  • Forming a Conclusion
  • The Report
  • Restricted Use Paragraph
  • Modified Opinions
  • Communicating with the Responsible and Engaging Partners
  • Documentation
• Illustrations—Illustrative Practitioner's Review Reports

TECHNICAL ALERT

In March 2021, the FASB issued SSAE 22, Review Engagements. The SSAE makes clear that the objective of a review engagement is to obtain limited assurance about whether any material modification should be made to the subject matter for it to be in accordance with or based on the criteria. The SSAE also results in more transparent reporting because the practitioners must disclose the procedures they used to obtain financial assurance. Practitioners are permitted under the new guidance to issue an adverse review conclusion when the subject matter is materially and pervasively misstated.

SSAE 22 is effective for practitioners’ review reports dated on or after June 15, 2022. Early implementation is permitted only if the practitioner also early implements the amendments to AT-C 105 included in SSAE 105. The SSAE 22 changes are incorporated ...