Wiley Practitioner's Guide to GAAS 2022

66AR-C 90 Review of Financial Statements

• Scope
• Objectives
• Definitions of Terms
• Requirements
  • Professional Skepticism
  • Materiality
  • Independence
  • Acceptance and Continuance of Client Relationships
  • Establishing an Understanding with the Client
  • Communication with Management and Those Charged with Governance
  • Review Performance Requirements
  • Fraud and Noncompliance with Laws or Regulations
  • Written Representations
  • Forming the Conclusion
  • Type of Conclusion
  • Reporting on the Financial Statements
  • Going Concern Considerations
  • Subsequent Events
  • Referencing the Work of Other Accountants
  • Supplementary Information
  • Documentation in a Review Engagement
• Illustrations: Review Engagement

SCOPE

AR-C 90 applies to reviews of financial statements and other historical financial information, excluding pro forma financial information. Those should be performed using the requirements in Statements on Standards for Attestation Engagements. (AR-C 90.01)

Certain reviews of interim financial information are out of the scope of the SSARS. This section does not apply to the review of interim financial statements in the following situations:

• The entity's latest annual financial statements were audited by the accountant or a predecessor.
• The accountant either
  • has been engaged to audit the entity's current-year financial statements or
  • audited the entity's latest annual financial statements and, when it is expected that the current-year financial statements will be audited, the appointment of another accountant ...