April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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64AR-C 70 Preparation of Financial Statements
- Scope
- Objectives and Limitations of Preparation Engagements
- Definitions of Terms
- Determining the Type of Engagement
- Requirements
- Illustration—an Engagement Letter for an Engagement to Prepare Financial Statements in Accordance with Accounting Principles Generally Accepted in the United States of America
SCOPE
AR-C 70 applies when an accountant in public practice is engaged to prepare
- Financial statements,
- Prospective financial information, or
- Other historical financial information,
This section does not apply when an accountant prepares financial statements or prospective financial information
- and is engaged to perform an audit, review, or compilation of those financial statements,
- solely for submission to taxing authorities,
- for inclusion in written personal financial plans prepared by the accountant,
- in conjunction with litigation services that involve pending or potential legal or regulatory proceedings, or
- in conjunction with business valuation services.
- (AR-C 70.01)
OBJECTIVES AND LIMITATIONS OF PREPARATION ENGAGEMENTS
RELEVANT STANDARDS
It is important to note that the requirements in AR-C 60 apply to all SSARS engagements, including preparation engagements. In addition to the guidance in this chapter, readers should apply the requirements ...
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