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ARSC proposes framework for compilation and review engagements

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A new proposal by the AICPA Accounting and Review Services Committee (ARSC) will provide a framework for performing and reporting on compilation and review engagements.

The proposal, resulting from ARSC’s clarity project, also sets forth the meaning of certain terms used in Statements on Standards for Accounting and Review Services (SSARSs) when describing the professional requirements imposed on accountants performing compilation and review engagements.

The proposed SSARS, Framework for Performing and Reporting on Compilation and Review Engagements, would supersede paragraphs .01 to .04 and .09 to .51 of AR Section 60 in the AICPA Professional Standards. The proposal would not significantly change or expand AR Section 60.

Comments on the proposal are due May 2 and can be sent to Mike Glynn at mglynn@aicpa.org.