You are a candidate for a job as a junior accountant at Streams Accounting Firm, and you have made it past the initial interview phase. You must now demonstrate your ability to perform the necessary tasks for the job by preparing a summary that identifies the missing, critical information from a SSARS engagement report that was completed by an employee in the firm. Your interviewers want to evaluate how well you can assess these missing SSARS components to ensure that you can properly analyze the necessary elements with future clients.

Refer to the engagement report located. Once reviewed the SSARS engagement report, summarize of the report to submit to your interviewers.

1. Describe the specific type of SSARS engagement presented in the report provided by the employee.
2. Analyze the essential components that are missing from the provided report based on the engagement type's requirements.
3. Justify the rationale for including each required component of the engagement type used in the report.

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Dear Client, I (We) have reviewed the accompanying documents of XYZ Company, which comprise the balance sheet as of December 31, 20XX, and the related statements of income, changes in stockholders' equity, and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's (owners') financial data and making inquiries of company management (owners). A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, I (we) do not express such an opinion. Accountant's Responsibility My (Our) responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require me (us) to perform procedures to obtain limited assurance as a basis for reporting whether I am (we are) aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. I (We) believe that the results of my (our) procedures provide a reasonable basis for my (our) conclusion. I am (We are) required to be independent of XYZ Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our reviews. Based on my (our) review, I am (we are) not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. Streamz Accounting Firm Columbia, SC 12-31-20XX Dear Client, I (We) have reviewed the accompanying documents of XYZ Company, which comprise the balance sheet as of December 31, 20XX, and the related statements of income, changes in stockholders' equity, and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's (owners') financial data and making inquiries of company management (owners). A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, I (we) do not express such an opinion. Accountant's Responsibility My (Our) responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require me (us) to perform procedures to obtain limited assurance as a basis for reporting whether I am (we are) aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. I (We) believe that the results of my (our) procedures provide a reasonable basis for my (our) conclusion. I am (We are) required to be independent of XYZ Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our reviews. Based on my (our) review, I am (we are) not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. Streamz Accounting Firm Columbia, SC 12-31-20XX

Answer rating: 100% (QA)

Summary of the SSARS Engagement Report The provided engagement report is a review engagement report A review engagement is a type of SSARS Statements on Standards for Accounting and Review Services en... View the full answer