Statements of Position

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Description

This proposed Statement will: 1. Amend SSARS No. 1, Compilation and Review of Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 100), to require the accountant to communicate any fraud that comes to his or her attention, even if the matter is considered inconsequential; 2. Amend SSARS No. 2, Reporting on Comparative Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 200), to allow for the successor accountant to compile or review a restatement adjustment when prior period financial statements have been changed; 3. Amend SSARS No. 1 to provide guidance regarding when an accountant should consider obtaining an updating representation letter from management. The proposed Statement would be effective for compilations and reviews of financial statements for periods ending on or after December 15, 2005. . Early application would be permitted. The proposed Statement would amend SSARS No. 1 and SSARS No. 2.

ISBN

ed05-03-18bt

Publication Date

2005

Relational Format

Book

Keywords

Financial statements -- Standards -- United States; Accounting -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 2005, March 18

Proposed statement on standards for accounting and review services : Omnibus statement on standards for accounting and review services, 2005 ;Omnibus statement on standards for accounting and review services, 2005

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