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.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access