Statements on Standards for Accounting and Review Services (SSARS) Govern

question 50

True/False

Statements on Standards for Accounting and Review Services (SSARS) govern the CPA's association with unaudited financial statements of nonpublic companies.

---

Definitions:

Use of intellect

The capability of applying knowledge and reasoning in problem-solving and decision-making processes.

Intuition

Relying on gut feelings or instincts to make decisions without the use of rational processes.

Strategic risks

Risks that arise from significant shifts in a business environment, threatening the formulation and execution of an organization's strategy.

Business success

The achievement of desired financial and operational goals within a business, often measured by profitability, market share, and customer satisfaction.