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In January 2010, the AICPA issued SSARS No. 19, “Compilation and Review Engagements,” which includes the most significant changes to the compilation and review standards in the last 30 years. For the first time, the standards provide a broad framework for conducting compilations and reviews that places a premium on the exercise of practitioner judgment and the tailoring of engagement procedures to meet the needs of specific clients.
The new standard also permits accountants to explain, in their compilation reports, the reasons why they are not independent. In general, SSARS 19 becomes effective for periods ending on or after December 15, 2010, but this provision relating to explaining the reasons for independence impairment in a compilation can be implemented immediately.
To understand how these changes might impact practice CPAs must be able to respond positively to questions such as:
To help you answer those and other questions, the AICPA has produced an online, interactive, media-rich course. This course provides practical guidance and hands on practice in making sound judgments. Included in this course are video segments featuring Chuck Landes, Vice President, Professional Standards and Services at the AICPA, responding to frequently asked questions from practitioners about the new standards, what they mean, and how they can best be implemented.
Prerequisite: Working knowledge of compilation and review engagements