SSARS 21 - Practice Aids
Table of Contents
Overview
CaseWare SSARS 21 practice aids are listed in the following table. The authors have indicated the classification of each practice aid into one of three categories:
- Required - Completion of the practice aid will fulfill SSARS No. 24 performance and documentation requirements.
- Optional - The practice aids may be used to improve efficiency of the engagement, but by themselves the practice aids do not fulfill specific SSARS No. 24 requirements.
- Conditional - The practice aid assists the accountant with conditions that do not occur in every engagement (i.e. work programs by each financial statement area). Driven through the Optimizer - if the client has the condition, the practice aid will be included in the engagement file and it fulfills the SSARS No. 24 requirements.
Note that professional standards do not require any particular form of documentation. The forms included in the CaseWare SSARS 21 template are one set of practice aids to guide accountants through the standards. In some cases, a user may decide that it may be more efficient to create a memo document in lieu of using a particular provided form, or may decide to use a proprietary form in lieu of a provided form. This can be perfectly acceptable.
However, when departing from the provided forms, for any reason, users are reminded that they are required to ensure that they address all of the applicable standards and that the alternative documentation is sufficient and appropriate. Specific documentation requirements are specified in the standards applicable to each type of CaseWare SSARS 21 engagement.
Review (AR-C 90)
| Document Index | Required | Optional | Conditional |
|---|---|---|---|
| General Inquiries, Analysis and Work Programs | |||
| 205 Firm Information | Yes | - | - |
| 400 Review procedures | Yes | - | - |
| 400-1 Independence | Yes | - | - |
| 415 Terms of engagement - Engagement letter (review) | Yes | - | - |
| 420 Materiality (optional) | - | Yes | - |
| 435 Identified areas of increased risk of material misstatement (optional) | - | Yes | - |
| 441 Firm deliverables and client (optional) | - | Yes | - |
| 442 Firm deliverables and client information letter (optional) | - | Yes | - |
| 445 Information/analysis requested from management (optional) | - | Yes | - |
| 505 Understanding of the industry and knowledge of the entity | Yes | - | - |
| 535 Analytical review - Balances (optional) | - | Yes | - |
| 536 Analytical review - Ratios (optional) | - | Yes | - |
| 536-1 Analytical review - Balances (optional) | - | Yes | - |
| 540 Notes on meetings with management and others (optional) | - | Yes | - |
| 550 - Work program procedures | Yes | - | - |
| Completion Documents | |||
| 700 Summary of identified misstatements (optional) | - | Yes | - |
| 725 Notes on significant decisions (optional) | - | Yes | - |
| 728 Client discussions (optional) | - | Yes | - |
| Financial statements and report (sub folder) | |||
| 730 Report transmittal (optional) | - | Yes | - |
| 731 Review report (optional) | - | Yes | - |
| 737 Financial statements | - | Yes | - |
| 737-1 Financial statements - Balance sheet (optional) | - | Yes | - |
| 737-2 Financial statements - Income statement (optional) | - | Yes | - |
| 737-3 Financial statements - Statement of cash flow (optional) | - | Yes | - |
| 739 Issues arising after the report release date | - | - | Yes |
| 760 Management letter report (optional) | - | Yes | - |
| 765 Management letter - sample letter (optional) | - | Yes | - |
| 780 Written representations (Management representation letter) | - | - | Yes |
| 781 Written representations (Management representation letter) Personal financial statements | - | - | Yes |
| 782-1 Summary of identified misstatements - Client (optional) | - | Yes | - |
| 790 Matters for future consideration (optional) | - | Yes | - |
Compilation (AR-C 80)
| Document Index | Required | Optional | Conditional |
|---|---|---|---|
| General Inquiries, Analysis and Work Programs | |||
| 205 Firm information | Yes | - | - |
| 400-1 Independence | Yes | - | - |
| 401 Compilation procedures | Yes | - | - |
| 416 Terms of engagement - Engagement letter (compilation) | Yes | - | - |
| 441 Firm deliverables and client information (optional) | - | Yes | - |
| 442 Firm deliverables and client information letter (optional) | - | Yes | - |
| 445 Information/analysis requested from management (optional) | - | Yes | - |
| Completion Documents | |||
| Financial statements and report (sub folder) | |||
| 730 Report transmittal (optional) | - | Yes | - |
| 732 Compilation report (optional) | - | Yes | - |
| 737 Financial statements | - | Yes | - |
| 737-1 Financial statements - Balance sheet (optional) | - | Yes | - |
| 737-2 Financial statements - Income statement (optional) | - | Yes | - |
| 737-3 Financial statements - Statement of cash flow (optional) | - | Yes | - |
| 790 Matters for future consideration (optional) | - | Yes | - |
Preparation (AR-C 70)
| Document Index | Required | Optional | Conditional |
|---|---|---|---|
| General Inquiries, Analysis and Working Programs | |||
| 205 Firm information | Yes | - | - |
| 402 Preparation of financial statements procedures | Yes | - | - |
| 417 Terms of engagement - Engagement letter (financial statement preparation) | Yes | - | - |
| 441 Firm deliverables and client information (optional) | - | Yes | - |
| 442 Firm deliverables and client information letter (optional) | - | Yes | - |
| 445 Information/analysis requested from management (optional) | - | Yes | - |
| Completion Documents | |||
| Financial statements and report (sub folder) | |||
| 737 Financial statements | - | Yes | - |
| 737-1 Financial statements - Balance sheet (optional) | - | Yes | - |
| 737-2 Financial statements - Income statement (optional) | - | Yes | - |
| 737-3 Financial statements - Statement of cash flow (optional) | - | Yes | - |
| 790 Matters for future consideration (optional) | - | Yes | - |
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