Journal of Accountancy Large Logo

Search Results

Compilation and Review

Sort by: Show:
Page  1 | 2 | 3 | 4

1. Standards revised for reviews, compilations, engagements to prepare financial statements   WebExclusive

BY Ken Tysiac
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services.The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for accountants in public practice who prepare financial statements for clients.SSARS No.

2. Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements   WebExclusive

BY Ken Tysiac
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements.The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services and reporting (compilation) services.

3. A makeover for compilations   CPEDirect

BY Mike Glynn, CPA
Three proposed standards were exposed for public comment by the AICPA Accounting and Review Services Committee (ARSC) on Oct. 23. The proposed standards are as follows:- A proposed, revised compilation standard that

4. Ethics / Compilation & review  

Two AICPA committees extended comment deadlines to Nov. 30 on recently proposed revisions to professional standards. The proposed change to the ethics rules would require CPAs who prepare financial statements for attest clients to apply the general requirements of Interpretation No. 101-3, Nonattest Services, to maintain their independence.

5. Auditing / Compilation and review  

The AICPA issued technical guidance on emphasis paragraphs in the auditor’s reports and on independence impairment in compilation reports. Technical Inquiry and Reply (TPA) 9160.28 regards combining going-concern emphasis with another emphasis-of-matter paragraph. This TPA explains that although AU Section 508, Reports on Audited Financial Statements (AICPA, Professional Standards), does not preclude an auditor from combining matters either required to be emphasized or added at the auditor’s discretion, in the auditor’s report, it may be prudent for the auditor to emphasize each matter separately in separate paragraphs.

6. Proposed revisions clarify responsibilities for preparers   CPEDirect

BY Mike Glynn, CPA and Ellen Goria, CPA
In accordance with recently proposed revisions to professional standards, CPAs who prepare financial statements for clients would consider that a nonattest bookkeeping service and would no longer be required to perform a compilation service with respect to those financial statements unless engaged to do so. The changes, proposed in June by two AICPA committees, would require CPAs who prepare financial statements, but are not engaged to perform a compilation, review, or audit, to request that management include a label or notation that makes clear that the financial statements were not compiled, reviewed, or audited.

7. PCAOB Round Table to Address Auditor’s Reporting Model   WebExclusive

The PCAOB said it will host a public round table on Thursday, Sept. 15, to discuss its concept release on possible changes to the auditor’s reporting model. The board issued a discussion paper for the meeting. The board said in a press release that the purpose of the meeting is to obtain insight from investors and other financial statement users, preparers of financial statements, audit committee members and auditors on the alternatives presented in the concept release for changing the auditor’s report.

8. Compilation and Review  

The AICPA Audit and Attest Standards Team has provided guidance, available on aicpa.org, regarding how an accountant should report when comparative financial statements are presented and the prior-year compilation or review was not performed in accordance with Statement on Standards for Accounting and Review Services no. 19, Compilation and Review Engagements (AICPA, Professional Standards, vol.

9. Accounting / Review Services  

The Accounting and Review Services Committee is seeking comments on the exposure draft for Proposed Statement on Standards for Accounting and Review Services, The Use of the Accountant’s Name in a Document or Communication Containing Unaudited Financial Statements That Have Not Been Compiled or Reviewed. The proposal amends SSARS no.

10. Deadline Nearing for Comments on Proposed SSARS   WebExclusive

The Accounting and Review Services Committee is seeking comments on the exposure draft Proposed Statement on Standards for Accounting and Review Services, The Use of the Accountant’s Name in a Document or Communication Containing Unaudited Financial Statements That Have Not Been Compiled or Reviewed. The proposal amends SSARS no.
Page  1 | 2 | 3 | 4
CPE Direct articles Web-exclusive content
AICPA Logo Copyright © 2013 American Institute of Certified Public Accountants. All rights reserved.
Reliable. Resourceful. Respected. (Tagline)