AICPA Extends Comment Deadlines
By Anne Rosivach
- The committee is proposing that financial statement preparation and cash-to-accrual conversions performed by a CPA member for a client should be considered nonattest services and subject to the revised requirements.
- Under the proposed revisions, the preparer is no longer required to perform a compilation with respect to those statements unless engaged to do so.
- The exposure draft also considers the cumulative effect that providing multiple nonattest services can have on independence.
- Read the unaudited financial statements.
- Consider whether the unaudited financial statements appear free from material inconsistencies with other knowledge or information of which the accountant may be aware.
- If after performing the procedures in paragraphs 6a and 6b, the accountant decides to permit the use of the accountant's name in a report, document, or written communication containing the statements, the accountant should request that the entity clearly indicate that the financial statements were not compiled, reviewed, or audited.
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The proposed SSARS also addresses the accountant's responsibilities when engaged to compile financial statements. The proposed revisions state that the objectives of a compilation engagement provide definitions and enumerate specific requirements that apply to compilation engagements.
- Are You Performing Non-Attest Services That Impair Independence?
- Independence and Profitability
- CPAs Rethink Traditional Business Model as Demand for Non-Attest Service Offerings Grow
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