The American Institute of CPAs has issued guidance defining terms for describing the professional requirements of accountants who perform a compilation or review.

The AICPA’s Statement on Standards for Accounting and Review Services No. 16, “Defining Professional Requirements in Statements on Standards for Accounting and Review Services,” describes the terminology used by the Accounting and Review Services Committee in the standards it sets for compilation and review engagements.

In December 2005, the Auditing Standards Board issued Statement on Auditing Standards No. 102, “Defining Professional Requirements in Statements on Auditing Standards.” SAS No. 102 defined different degrees of the auditor’s responsibility when conducting audit engagements in accordance with generally accepted auditing standards.

SSARS No. 16 follows in the path of SAS No.102 by defining the terminology the ARSC will use to describe the degrees of responsibility that the requirements impose on the accountant.

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