For accountants performing compilation and review engagements, it is critical to understand the new Statement on Standards for Accounting and Review Services
(SSARS). AICPA publications provide information on recent developments, guidance and illustrative examples when applying the new standards, including
- 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.
- 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
- AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.
- consideration of international compilation and review standard.
The following products are available from the AICPA to help provide guidance and resources on preparation, compilation and review engagements.
AICPA Online Professional Library
When you subscribe to any one of the many subscription options on AICPA
Online Professional Library, you're not only getting access to the most
up-to-date guidance and tools, you are also linked to all of the
relevant and related literature, including the FASB and GASB libraries.
Many publications and libraries may be of value to those
interested in guidance related to compilation and review engagements:
Guidance contained in the AICPA Online Professional
Library has also been grouped into topical sets including varying levels
of guidance. The following may be of interest to those seeking
information and guidance on compilation and review engagements: