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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