Compilation and Review 2007/08 - Risk Alert

This Compilation and Review Alert provides accountants with an update on recent practice issues and professional standards that affect compilation and review engagements. This alert is a crucial tool, designed to help you as you plan and perform your compilation and review engagements. This alert discusses developments related to SSARS and SSARS interpretations, addresses emerging practice issues, points out pitfalls that frequently occur in compilation and review engagements, and provides valuable current accounting developments.

Specifically, in this alert you will find SSARS developments such as:

• SSARS No. 15
• SSARS Exposure Draft, Defining Professional Requirements in Statements on Standards for Accounting and Review Services
• SSARS Exposure Draft, Omnibus Statement on Standards for Accounting and Review Services—2008

This alert also discusses recently issued accounting standards such as:

• Fair Value Accounting Standards (FASB Nos. 157 and 159)
• FIN 48

The alert includes information on emerging issues including the ARSC’s Clarity Project and convergence with International Standards for Review Engagements (ISRE)

This publication is an other compilation and review publication as defined in AR section 50, Standards for Accounting and Review Services (AICPA, Professional Standards, vol. 2). Other compilation and review publications have no authoritative status; however, they may help the accountant understand and apply the Statements on Standards for Accounting and Review Services. The guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted upon by any senior technical committee of the AICPA.

Notice to Readers

This Compilation and Review Alert is intended to provide accountants with an update on recent practice issues and professional standards that affect compilation and review engagements.

This publication is an other compilation and review publication as defined in AR section 50, Standards for Accounting and Review Services (AICPA, Professional Standards, vol. 2). Other compilation and review publications have no authoritative status; however, they may help the accountant understand and apply the Statements on Standards for Accounting and Review Services.

If an accountant applies the guidance included in an other compilation and review publication, he or she should be satisfied that, in his or her judgment, it is both relevant to the circumstances of the engagement and appropriate. The guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted upon by any senior technical committee of the AICPA.

Kristy L. Illuzzi, CPA
Technical Manager
Accounting and Auditing Publications

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