- The separation of compilation guidance from review guidance.
- A discussion of how the accountant obtains limited assurance through the performance of review procedures.
- The introduction of the term review evidence to the review literature.
- A discussion of tailoring the review procedures based on the accountant’s understanding of the client’s industry, knowledge of the client, and awareness of the risk that he or she may unknowingly fail to modify the accountant’s review report on financial statements that are materially misstated.
- A discussion of materiality in the context of a review engagement.
- A requirement that an accountant document the establishment of an understanding with management through a written communication (that is, an engagement letter) regarding the services to be performed.
- The establishment of enhanced documentation requirements for compilation and review engagements.
SSARS No. 19
Mike Glynn, Staff Liaison to the ARSC, discusses SSARS 19, the most significant changes since 1978 to the SSARS.