AICPA clarifies conventions for reviews that follow SSARSs, other standards

The interpretation calls for additional statements in written reviews.

The AICPA issued a new interpretation to clarify a permissible reporting convention when a review is performed in accordance with the Statements on Standards for Accounting and Review Services (SSARSs) and with another set of review standards.

AR-C Section 90, Review of Financial Statements, requires that the written review report include a statement that the accountant's responsibility is to conduct the review engagement in accordance with the SSARSs.

Newly issued Accounting and Review Services Interpretation No. 1 to AR-C Section 90 states that a practitioner may also indicate that the review was conducted in accordance with another set of review standards, provided that the review was conducted in accordance with both sets of standards in their entirety.

An example of an additional review standard that may apply is International Standard on Review Engagements 2400 (Revised), Engagements to Review Historical Financial Statements. Interpretation No. 1 also provides an illustrative report and is available at aicpa.org.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.