Statements of Position



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The Accounting and Review Services Committee is issuing this proposed statement on standards for accounting and review services (SSARS) to provide practitioners with improved guidance on compiling or reviewing an entity's financial statements. This proposed Statement amends various sections of SSARSs. Among the more significant provisions of the proposed Statement are amendments that: 1. Revise the wording of the SSARS review and compilation reports to clarify that the standards referred to in these reports are Statements on Standards for Accounting and Review Services. The revised wording will help readers differentiate the SSARS review report from the review report presented in Statement on Auditing Standards (SAS) No. 36, Review of Interim Financial Information (AICPA, Professional Standards, vol. 1, AU section 722). 2. Make obtaining a client representation letter a required, rather than an optional, procedure when performing a review engagement. 3. Eliminate the prohibition against merely typing or reproducing financial statements as an accommodation to a client. Guidance on this subject is now subsumed by Interpretation No. 16 of SSARS No. 1, "Determining If the Accountant Has 'Submitted' Financial Statements Even When Not Engaged to Compile or Review Financial Statements." 4. Delete SSARS No. 5, Reporting on Compiled Financial Statements, because the provisions of that Statement have been incorporated into SSARS Nos. 1, 2, and 3. This proposed Statement supersedes SSARS No. 1, paragraphs 1, 4, 7, 8,14,17, 21, 31, 32, 35, 36, 40, 44, 45, 46, 47, 48, 49, and Appendixes B, C, and D; SSARS No. 2, paragraphs 9, 10, and 30; SSARS No. 3, paragraph 3; and SSARS No. 4, paragraphs 1 and 3. It deletes SSARS No. 5.

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Financial statements -- Standards -- United States; Financial statements, unaudited -- United States


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on standards for accounting and review services : omnibus statement on standards for accounting and review services--1992;Omnibus statement on standards for accounting and review services--1992; Exposure draft (American Institute of Certified Public Accountants), 1992, March 18



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