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The attached is an exposure draft of a proposed Statement on Standards for Accounting and Review Services (SSARS) entitled Performance of Review Engagements. SSARS No. 1, Compilation and Review of Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 100.24-.33), currently provides guidance on analytical procedures, inquiries, and other procedures applicable to a review of financial statements whether prepared under generally accepted accounting principles or a comprehensive basis of accounting other than generally accepted accounting principles. This Statement will revise SSARS No. 1 to expand on previously provided guidance on analytical procedures, inquiries, and other review procedures; to provide inquiries regarding fraud in a review engagement and to require representations regarding fraud in the management representation letter; and to clarify and provide guidance regarding workpaper documentation in a review engagement. The proposed Statement would be effective for reviews of financial statements for periods ending on or after December 15, 2004. The proposed Statement would revise SSARS No. 1.
Financial statements -- Standards -- United States; Auditing, limited -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Accounting and Review Services Committee, "Proposed statement on standards for accounting and review services : Performance of review engagements;Performance of review engagements" (2003). Statements of Position. 308.