Compilation & Review Alerts 

    The AICPA produces a number of Alerts that provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. Updated annually, alerts also help identify the significant business risks that may result in the material misstatement of a client's financial statements. Audit Risk Alerts also can be used by an entity’s internal management to address areas of audit concern.

    Financial Reporting Alerts are designed to be used by members of an entity’s financial management and audit committee to identify and understand current accounting and regulatory developments affecting the entity’s financial reporting, especially those that are the result of recent economic developments. They are intended to help you achieve a more robust understanding of the current economic environment in which your entity is operating and are an important tool to help you identify the significant risks that may result in the material misstatement of your entity’s financial statements.

    Auditing Guidance in AICPA Alerts are authoritative with respect to:
    • Audit Guidance in accordance with AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards
    • Compilation and Review Guidance in accordance with AR section 60, Framework for Performing and Reporting on Compilation and Review Engagements
    • Attestation Guidance in accordance with AT section 50, SSAE Hierarchy
    Select a specific AICPA alert family, for more information.

    Audit Risk Alerts Compilation and Review Alerts Other Alerts Financial Reporting Alerts

    General Accounting and Auditing Developments

    Employee Benefit Plans Industry Developments

    Financial Institutions Industry Developments: Including Depository and Lending Institutions and Brokers and Dealers in Securities

    Government Auditing Standards and Circular A-133 Developments

    Health Care Industry Developments

    Insurance Industry Developments (including Life and Health Entities and Property and Liability Entities)

    Investment Companies Industry Developments

    Not-for-Profit Entities Industry Developments

    Real Estate and Construction Industry Developments

    State and Local Governmental Developments

    Understanding the Clarified Auditing Standards

    Understanding the Responsibilities of Auditors for Audits of Group Financial Statements


    Compilation and Review Developments

    Independence and Ethics Developments

    Current Accounting Issues and Risks for Financial Management and Reporting—2012/13 Financial Reporting Alert

    Not-for-Profit Entities—Accounting Issues and Risks


    Compilation and Review Alerts

    Compilation and Review Developments


    The AICPA Compilation and Review Alert Compilation and Review Developments discusses recent Statements on Standards for Accounting and Review Services (SSARSs) developments, addresses emerging practice issues, and provides valuable information regarding current accounting developments. This alert provides just the right amount of detail on recently issued and proposed professional standards affecting practitioners providing compilation and review services, including:
    • Proposed SSARSs Association With Unaudited Financial Statements
    • Proposed SSARSs Compilation of Financial Statements
    • Proposed SSARSs Compilation of Financial Statements - Special Considerations
    • Proposed SSARSs Review of Financial Statements
    • Proposed SSARSs Review of Financial Statements - Special Considerations
    • Proposed revisions to Interpretation No. 101-3, "Nonattest Services"

    This alert also provides information on emerging issues and developments affecting compilation and review engagements, including:

    • 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 New Financial Reporting Framework for Small- and Medium-Sized Entities
    • Consideration of international compilation and review standard

    Members interested in the companion AICPA Guide Compilation and Review Engagements can purchase an online bundle of both the Alert and Guide at a discounted price.



    Product# ARACRV12P


    Product# ARACRV12E

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