Statements on Standards for Accounting and Review Services (SSARS)

Under the SSARS, when an accountant is engaged to compile a company's financial statements, the accountant is not required to verify the accuracy or completeness of the information provided by the company's management. However, the accountant must ensure that the financial statements are free of obvious material errors and conform to generally accepted accounting principles.

During the meeting, the accountant mentioned that according to the SSARS, he would perform a review of the financial statements, which includes primarily applying analytical procedures to the financial data and making inquiries of company management.