The American Institute of CPAs’ Accounting and Review Services Committee has issued exposure drafts of its
The clarified SSARSs are Review of Financial Statements and Review of Financial Statements—Special Considerations. In an effort to make the clarified standards easier to use, understand, and implement, the committee has separated the review standards into two separate proposed standards.
The proposed SSARS Review of Financial Statements addresses those areas that are applicable to a basic review engagement and the proposed SSARS Review of Financial Statements—Special Considerations addresses those areas that are less frequently encountered.
The proposed SSARSs would supersede paragraphs 1.07–.08 and 3.01–.73 of SSARS No. 19, Compilation and Review Engagements (AICPA, Professional Standards, AR secs.
The comment period for the exposure draft of the proposed SSARSs ends on April 26, 2013.
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