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Transcript of Prescribed forms
Prescribed FormsUsing SSARS 21
Types of Prescribed Forms
Personal financial statements!
Building contractor forms!
State agency forms
Can SSARS 21 be applied to prescribed forms?
Yes
AR-C 70 Preparation Financial Statements!
AR-C 80 Compilation Engagements
AR-C 70 Preparation of Financial
Statements
An engagement letter
is required when you are engaged to prepare financial
statements
Suggested Format
1. Disclaimer!2. Prescribed Form!3. Notes (if needed)
Put disclaimer on firm letterhead and sign with firm signature
Use Selected NotesOmission of substantially all disclosures
Departures from the prescribed form or related directions!
Departures from the reporting framework other than those called for by the prescribed form
Alternative Suggested Format
1. Prescribed form!2. Notes (if needed)
No disclaimer is provided
Put "No assurance is
provided on these financial statements"
at the bottom of each page
If substantially all disclosures are omitted, then
disclose the omission on each financial statement page or
in a selected disclosure
AR-C 80 Compilation Engagements
An engagement letter
is required when you are engaged to perform a
compilation
Suggested Format
1. Compilation Report!2. Prescribed Form!3. Notes (if needed)
Show departures in the compilation report
Show omission of substantially
all disclosures in the compilation report
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