|For accountants performing compilation and review engagements, it is critical to understand the new Statement on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, and SSARS No. 20, Revised Applicability of Statements on Standards for Accounting and Review Services. AICPA publications provide information on recent developments, guidance, practice aids, and illustrative examples when applying the new standards, including
Find comprehensive examples of
illustrative engagement and representation letters,
sample compilation and review reports,
detailed illustrations and examples of client inquiries and procedures and
case studies on applying the new standard in specific circumstances in our guidance below.
- how SSARS No. 19 differs from previous compilation and review standards.
- framework and objectives for performing and reporting on compilation and review engagements.
- performance and reporting requirements for compilation engagements.
- performance, reporting, and other communication requirements for review engagements.
- a whitepaper on understanding internal control and internal control services.
- obtaining engagement letters.
- the design and performance of review procedures.
- analytical procedures in a review engagement.
- reporting on supplemental information.
- effects on compilation and review engagements when management does not assess whether the reporting entity is the primary beneficiary of a variable interest entity.
- disclosure of independence impairment in the accountant's compilation report on comparative financial statements.
- SSARSs Clarity Project.
- proposed changes to Ethics Interpretation No. 101-3 and SSARSs.
- AICPA's proposed Financial Reporting Framework for Small- and Medium-Sized Entities.
- consideration of international compilation and review standard .