course: auditing $-$ CONCEPT REVIEW:

SSARS $($Statements on Standards for Accounting and Review Services$)$ includes guidance for reviews with no annual audit performed. The objective is to obtain limited assurance that there are no material modifications that should be made to the financial statements to be in conformity with GAAP. For each typical step in a SSARS review, classify the procedure as an analytical procedure, an other review procedure, or an inquiry of management. analytical procedure, inquiry of management, other review procedure $1.$ read financial statements $2.$ read the minutes of board meetings $3.$ compare recorded amounts to expectations developed $4.$ compare recorded amounts to amounts from prior periods $5.$ determine status of unrecorded adjustments $6.$ inquire as to the accounting principles, practices, and methods used $7.$ inquire as to communicate from regulatory agencies.