ARSC proposes framework for compilation and review engagements


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.

Where to find December’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.