Wiley Practitioner's Guide to GAAS 2022

63AR-C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services

• Scope
• Definitions of Terms
• Objectives and Limitations of SSARS Engagements
• Fundamental Requirements
  • Professional Responsibilities
  • Quality Control in a SSARS Engagement
  • Preconditions for Acceptance and Continuance of Client Relationships and Engagements

SCOPE

AR-C Section 60 establishes a framework and provides guidance for the performance of all SSARS engagements. Specific requirements for performing and reporting on particular SSARS engagements are in the relevant AR-C sections. SSARS engagements include:

• preparation,
• compilation, and
• review of management's financial statements.

• (AR-C 60.01)

DEFINITIONS OF TERMS

Source: AR-C 60.07. For definitions related to AR-C, see Appendix C, “Definitions for Preparation, Compilation, and Review—AR-C Standards”: Applicable financial reporting framework, Designated accounting standard setter, Engagement partner, Engagement team, Fair presentation framework, Financial reporting framework, Financial statements, Firm, General purpose financial statements, General purpose framework, Interpretive publications, Other preparation, compilation and review publications, Professional judgment, Prospective financial information.

OBJECTIVES AND LIMITATIONS OF SSARS ENGAGEMENTS

The objective of the accountant is to obtain an understanding of the general principles for engagements performed in accordance ...