Knowledgebase - Will PPC'S Guide to Compilation and Review Engagements be updated for the AICPA Clarity Standards?
Home
Cases
Articles

 
Reset Search

                                                                     Search help
    Documentation
    FAQs
    Installation and Updates
    News and Alerts
    System Requirements
  Product and Categories






Article

Will PPC'S Guide to Compilation and Review Engagements be updated for the AICPA Clarity Standards?

« Go Back

Information

 
QuestionWILL PPC'S GUIDE TO COMPILATION AND REVIEW ENGAGEMENTS BE UPDATED FOR THE AICPA CLARITY STANDARDS?
Answer
Auditors are off to a busy start to 2013 implementing the clarified auditing standards. Those standards have been discussed in and addressed by many of our PPC-branded products and are effective for audits of financial statements for periods ending on or after December 15, 2012.  One of the more visible changes resulting from the clarified auditing standards is the revised wording to the auditor’s report. Our editors have been receiving inquiries about when we will be publishing revised compilation and review accountant’s reports to comply with the clarified standards. We have also been receiving inquiries about revised engagement letters and management representation letters. So, let’s clarify things—the standards that went in to effect are the clarified auditing standards and don’t impact the compilation and review standards. The AICPA’s Accounting and Review Services Committee is in the midst of its own clarity project and we’ll keep you informed when clarified compilation and review standards are finalized. Clarified SSARS are expected to be effective for financial statements for periods ending on or after December 15, 2014.
TypeGeneral
Related Articles
Date Last Published3/5/2013
Attachment 

Feedback

 

Was this article helpful?


   

Your feedback is appreciated.

Please tell us how we can make this article more useful.

Characters Remaining: 255