Exhibit 3: Exposure Draft vs. Assembly Service
In 1995 ARSC issued an exposure draft, Assembly of Financial Statements for Internal Use Only. This chart compares that proposal with the new ED.
Concept 1999 Proposal 1995 Proposal
Relationship to SSARS no. 1 Replaces SSARS no. 1 by providing for two types of compilations: a compilation with a report and a compilation with another form of communication in certain situations. Created an exemption from SSARS no. 1.
Performance standards Provides that all compilations are still subject to the performance standards in SSARS no. 1. Provided no performance standards.
Communication Contains both reporting standards and communication standards. Required an engagement letter; transmittal letter was optional.
Level of service Provides only three levels of service: audit, review and compilation. Created a fourth level of service: audit, review, compilation and assembly.
Restricted parties Uses a “definition by exception”—third parties are all parties except for certain considered unclear. Used the term “internal-use,” which was members of management.
Nonindependence Requires disclosure in the chosen communication. Required no disclosure.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.