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Preparation, Compilation, and Review Engagements Guide

Publisher: AICPA
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In October 2014, the AICPA’s Accounting and Review Services Committee (ARSC) issued SSARS No. 21, the clarification and revision of the standards for compilation, review, and financial statement preparation.

SSARS No. 21 makes substantial changes to compilation engagements, and introduces the new preparation standard. This is the most significant change in this area of practice in over 30 years, and will greatly impact accountants in public practice who prepare financial statements.

This authoritative guide will assist CPAs with interpreting and applying SSARS No. 21, as well as providing interpretive guidance and implementation strategies for all preparation, compilation and review engagements. It helps practitioners establish best-practices, includes practical tools and resources to assist with compliance, and exposes potential pitfalls associated with independence and ethics requirements.

Key Benefits:

  • Contains fully updated interpretive guidance for review and compilation engagements, and new interpretive guidance for engagements to prepare financial statements, as introduced in SSARS No. 21 section 70, Preparation of Financial Statements
  • Provides updated illustrative engagement and representation letters and accountants’ reports
  • Includes detailed illustrative client inquiries and illustrative analytics for reviews
  • Contains Q&As on compilation reporting requirements when independence is impaired
  • Discusses the implications of the “Nonattest Services” subtopic (AICPA, Professional Standards, ET section 1.295) of the “Independence Rule” (AICPA, Professional Standards, ET sec. 1.200.001) when performing a review, compilation, or engagement to prepare financial statements

Updates:

  • SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification

Who Will Benefit:

  • B&I financial managers may use this guide to prepare for financial statement review, compilation, or preparation engagements
  • CPAs in public practice will use this guide to assist in the implementation of SSARS 21 in the performance of preparation, compilation, and review engagements

For accountants performing compilation and review engagements for reporting periods ending prior to December 15, 2015 (and not early implementing SSARS No. 21), the AICPA is continuing to offer the 2014 edition of the guide, Compilation and Review Engagements. Be sure to select the appropriate edition year when reviewing the ordering options below.

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This product is also available in an online subscription format that includes the corresponding Developments in Review, Compilation, and Financial Statement Preparation Engagements - 2014/15 AICPA Alert, content updates and unlimited online access for 1 year. Select the Online Subscription option at the bottom of the page and save!
2015 Preparation, Compilation, and Review Engagements Guide
eBook , 2015
Product# AAGCRV15E
Availability: eBook Download
Regular:$69.00
AICPA Member:$59.00
Your Price:$69.00
2014 Compilation and Review Engagements – Audit and Accounting Guide
eBook 2014
Product# AAGCRV14E
Availability: eBook Download
Regular:$69.00
AICPA Member:$59.00
Your Price:$69.00
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