How Are Selected Engagements Checked by the Reviewer? What Are the Procedures to Resolve Disagreements?
Once engagements are selected, the reviewer will examine the associated financial statements, financial information, and related accountant’s reports, using the peer review program comprehensive “checklist” appropriate for the type of engagement (e.g., review or full-disclosure compilations, compilations that substantially omit all disclosures, agreed-upon procedures, etc.). The reviewer will also determine from relevant work papers whether matters covered in the accountant’s inquiry, analytical procedures, consideration of unusual matters and SSARS No. 10 expectations have been considered in accordance with provisions in the SSARSs and SSAEs. Caution: SSARS No. 10 amends SSARS No. 1 for reviews of financial statements for periods ending after Dec. 15, 2004. It requires the reviewing accountant to develop expectations regarding balances based on an understanding of the client and its industry. The accountant should then compare the expected amounts to amounts recorded in the client’s b
