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• W267724465 abstract "EXECUTIVE SUMMARY * The AICPA's Accounting and Review Services Committee has proposed the most significant changes to the professional literature for compilation and review engagements in more than 30 years. * The primary change in the proposed standards for review engagements relates to allowing practitioners to perform review engagements when independ ence has been impaired due to the performance of a nonattest service designed to help management prepare higher quality or more reliable financial statements. * The proposal makes establishing an understanding with management regarding the services to be performed for each engagement through an engagement letter a requirement and includes enhanced documentation and reporting requirements. * The most significant change in the proposed standards for compilation engagements is the ability for the accountant to disclose a general description of the reasons for a lack of independence in the compilation report. ********* [ILLUSTRATION OMITTED] The AICPA's Accounting and Review Services Committee (ARSC) has proposed the most significant changes to the professional literature for compilation and review engagements since the December 1978 issuance of SSARS no. 1, Compilation and Review of Financial Statements. The proposed Statements on Standards for Accounting and Review Services (SSARSs), issued in April for public comment, were developed to address concerns shared by smaller business owners, users of small business financial statements and CPAs that serve smaller entities and to provide more flexibility in a complex practice environment. The primary change in the proposed standards for review engagements relates to allowing practitioners to perform review engagements when independence has been impaired due to the performance of a nonattest service designed to help management prepare higher quality or more reliable financial statements. The primary change in the proposed standards for compilation engagements is the ability for the accountant to disclose a general description of the reasons for a lack of independence in the compilation report. The proposed SSARSs are: * Framework and Objectives for Performing and Reporting on Compilation and Review Engagements * Compilation of Financial Statements * Review of Financial Statements To read the exposure draft, go to tinyurl.com/d4wkx2. Comment letters are available at tinyurl.com/qtahgm. THE CURRENT ENVIRONMENT Today, there are approximately 44,000 CPA firms in the United States, of which 31,000 are run by sole practitioners. Many CPAs in these smaller firms serve their small business clients by helping them work through the difficult maze of accounting standards. They help clients by compiling or reviewing their clients' financial statements, in addition to performing other accounting services, where the client's financial statements (monthly and annual) are used by management and third parties to secure financing or for other reasons. Bankers and other third-party users of small business financial statements recognize that the business owner may be an expert at running a business; however, they do not expect the small business owner to be an expert in financial reporting. As a result, bankers have advised ARSC that they welcome the involvement of a CPA throughout the year because they believe the CPA's involvement will improve the reliability of the financial information. The involvement of the CPA in compiling or reviewing the financial statements works great until the CPA crosses the line of performing a service that would be part of the client's system of internal control---the policies and procedures that prevent or detect and correct misstatements in the accounting books and financial statements. As accounting standards become more complex and small business clients look to their CPAs to help them keep accurate accounting books and prepare quality financial statements, CPAs under existing independence standards are faced with a difficult dilemma. …" @default.
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• W267724465 date "2009-07-01" @default.
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• W267724465 title "A Fresh Approach for Compilation and Review" @default.
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