Which of the following is a requirement for 'Preparation' engagements under SSARS?

Answer options:

The accountant must be independent.

A report must be issued.

No assurance is provided.

The accountant must verify the accuracy of the data.

How to approach this question

Preparation = Just typing the numbers. No Independence, No Report, No Assurance.

Full Answer

C.No assurance is provided.✓ Correct

A preparation engagement involves preparing financial statements pursuant to a specified financial reporting framework. It is a non-attest service, requires no independence, and provides no assurance.

Common mistakes

Confusing Preparation with Compilation (which requires a report).

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