Compilation & Review Engagements Focusing on Some Current Peer Review Matters
Now that practitioners are in the second cycle of performing and reporting on compilation and review engagements using the requirements within SSARS No. 19, they might want to be aware of some issues that will be receiving a heightened level of scrutiny when they are going through their peer reviews,
Published on December 21, 2011
Designing Analytical Procedures in a Review Engagement
In performing the inquiry and analytical procedures for a review engagement, it is important to understand that these performance requirements are not to be performed in a “mechanical” manner.
Published on July 07, 2010
Proposed AICPA Framework Accounting By Small & Medium-Sized Entities
December 5, 2012 On November 1, 2012, the AICPA released an exposure draft of the much-anticipated private company financial reporting framework, entitled Financial Reporting Framework for Small and Medium-Sized Entities [FRF-SMEs]. As proposed, the F
Published on December 05, 2012
Compilation & Review Alert Addressing Some Practice Issues
The AICPA recently released the 2010-2011 Compilation and Review Alert.In addition to addressing practical implementation issues associated with SSARS No. 19, the Alert addresses several other practice issues that need to be considered when practitioners are performing and reporting on compilation and review engagements.
Published on January 05, 2011
SAS No. 115 Audit Risk Alert Guidance
The AICPA Accounting and Auditing Publications team, following approval by the Audit and Attest Standards Staff, has released some implementation guidance that should be very helpful to practitioners in their efforts to appropriately-implement the new SAS No. 115, control deficiency evaluation and communication requirements.
Published on February 18, 2009
Accounting Guidance for Condensed Interim Reports
In February 2009, the Auditing Standards Board [ASB] and the Accounting and Review Services Committee [ARSC] simultaneously released a new SAS [ASB] and a new SSARS [ARSC], that clearly-stipulate how reviews of interim financial information should be performed, where the applicable technical literature could be in the SASs or could
Published on March 18, 2009
Changes Ahead for Revenue Recognition
Most of the authoritative literature provides industry or transaction-specific implementation guidance, and was developed largely on an ad hoc basis and issued in numerous pronouncements.
Published on December 22, 2010
Accounting for Company-Owned Insurance Programs
Now that reporting entities [and practitioners associated with those entities] have “entered” calendar-year 2008, some of the accounting authoritative literature guidance that becomes effective in the first quarter of 2008 calendar-years is being considered carefully.
Published on January 09, 2008
Controversy Over the Applicability of the Disclosure Requirement of Open Tax Years Unintended Consequences and Lessons f...
This report covers the applicability of a seemingly benign, but ambiguous, disclosure requirement of FIN 48 to provide a description of tax years open to examination.
Published on March 18, 2015
Preparing Financial Statements for Use by Reporting Entity Auditors
Given the current practice environment, it is not uncommon for practitioners who are engaged to audit financial statements [or even review the statements] to keep a distance from clients related to preparing financial statements so that it is very clear that there is no crossing-of-the-line associated with independence issues with
Published on January 21, 2009