The AICPA Accounting and Review Services Committee (ARSC) has exposed for public comment proposed Statements on Standards for Accounting and Review Services (SSARS) as part of its clarity project.
ARSC has separated the proposals in an attempt to make the clarified standards easier to use, understand, and implement. The proposed SSARS Review of Financial Statements addresses areas that are applicable to a basic review engagement. The proposed SSARS Review of Financial Statements—Special Considerations addresses areas that are encountered less frequently.
The proposed SSARSs would supersede paragraphs 1.07 to 1.08 and 3.01 to 3.73 of SSARS No. 19, Compilation and Review Engagements (see AICPA, Professional Standards, AR Sec. 60 and AR Sec. 90).
Comments on the ED are due April 26.
—Ken Tysiac (email@example.com) is a JofA senior editor.