ARSC seeks comment on SSARS proposals

BY KEN TYSIAC

The AICPA Accounting and Review Services Committee (ARSC) has exposed for public comment proposed Statements on Standards for Accounting and Review Services (SSARS) as part of its clarity project.

ARSC has separated the proposals in an attempt to make the clarified standards easier to use, understand, and implement. The proposed SSARS Review of Financial Statements addresses areas that are applicable to a basic review engagement. The proposed SSARS Review of Financial Statements—Special Considerations addresses areas that are encountered less frequently.

The proposed SSARSs would supersede paragraphs 1.07 to 1.08 and 3.01 to 3.73 of SSARS No. 19, Compilation and Review Engagements (see AICPA, Professional Standards, AR Sec. 60 and AR Sec. 90).

Comments on the ED are due April 26.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.