The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
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TOPICS / AUDIT & ASSURANCE
Compilation
Handling nondisclosure compilations amid the pandemic
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
Convergence with international standards sought for SSARSs
In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.
Convergence with international standards sought for SSARSs
A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.
New compilation and review report requirements issued
Provisions take effect June 15, 2019.
New compilation and review report requirements issued
The AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.
New standard will include revised compilation and review report requirements
SSARS No. 24 will create and amend AR-C sections.
Revised compilation and review report requirements to be included in SSARS No. 24
A new Statement on Standards for Accounting and Review Services will be issued in late May in an effort to decrease the impact on practitioners during busy season.
Issuance expands application of preparation and compilation standards
SSARSs are extended to certain prospective, pro forma, and historical financial information.
ARSC completes clarity project with issuance of new statement on standards
SSARS No. 22 pertains to pro forma compilation reports.
SSARS 23 expands application of preparation, compilation standards
SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.
A bright line in SSARSs
New standards for accounting and review services include significant changes for accountants in public practice who prepare financial statements for clients. Find out more about the changes contained in newly issued Statement on Standards for Accounting and Review Services (SSARS) No. 21.
How SSARS No. 21 became a standard
It took years of deliberation and professionwide collaboration to produce Statement on Standards for Accounting and Review Services (SSARS) No. 21. Here’s how the AICPA Accounting and Review Services Committee (ARSC) developed the standard, which was issued Oct. 23: Initial exposure draft On June 29, 2012, ARSC initially exposed for
Standards revised for reviews, compilations, engagements to prepare financial statements
Clarified and revised standards for compilations and engagements to prepare financial statements released Thursday create a bright line between accounting (preparation) and reporting (compilation) services. The AICPA Accounting and Review Services Committee (ARSC) released Statement on Standards for Accounting and Review Services (SSARS) No. 21, which contains significant changes for
When does Section 70 of SSARS No. 21 apply?
Section 70, Preparation of Financial Statements, of Statement on Standards for Accounting and Review Services No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, applies when an accountant in public practice is engaged to prepare financial statements. The following table provides examples of services that the
Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements. The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services
A makeover for compilations
Three proposed standards were exposed for public comment by the AICPA Accounting and Review Services Committee (ARSC) on Oct. 23.
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
Significant changes to compilation included in 3 proposed standards
From Staff Reports Three standards proposed by the AICPA Accounting and Review Services Committee (ARSC) as part of its clarity project include a proposal that would significantly change compilation literature. An exposure draft (ED) invites public comment on the proposals. The ED includes: A proposed, revised compilation standard that would
ARSC to propose new preparation, compilation, association standards
From Staff Reports Three new standards the AICPA Accounting and Review Services Committee (ARSC) voted Thursday to propose would help practitioners clearly distinguish between preparation and reporting services. ARSC voted to expose for public comment proposals titled Preparation of Financial Statements, Compilation Engagements, and Association With Financial Statements. An exposure
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