Statements on Standards for Accounting and Review Services establish standards and procedures for which of the following engagements?
A)Assisting in adjusting the books of account for a partnership.
B)Examining prospective financial statements.
C)Processing financial data for clients of other accounting firms.
D)Compiling an individual's personal financial statement to be used to obtain a mortgage.

Question

Quizplus · Accepted Answer

Statements on Standards for Accounting and Review Services (SSARS) are specifically designed for engagements related to the compilation or review of financial statements. Compiling an individual's personal financial statement for purposes such as obtaining a mortgage falls directly under the scope of SSARS. The other options (A, B, and C) involve activities like adjusting books of account, examining prospective financial statements, and processing financial data, which are not specifically covered by SSARS.

Statements on Standards for Accounting and Review Services Establish Standards