Draft of proposed SSARS exposed for comment.
The AICPA's Accounting and Review Services Committee has issued an exposure draft of a proposed statement on standards for accounting and review services, Elimination of Certain References to Statements on Auditing Standards Statements on Auditing Standards, commonly abbreviated as SAS, provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing an entity and issuing a report. and Incorporation of Appropriate Guidance into Statements on Standards for Accounting and Review Services, Comments are due May 18.
The ARSC ARSC Arctic Region Supercomputing Center
ARSC Association for Recorded Sound Collections
ARSC Accounting and Review Services Committee
ARSC Aircraft Repair and Supply Center (USCG)
ARSC Arizona Remote Sensing Center is aware that, in many instances, SSARSs reference the practitioner practitioner /prac·ti·tion·er/ (prak-tish´un-er) one who has met the requirements of and is engaged in the practice of medicine, dentistry, or nursing.
nurse practitioner see under nurse. to statements on auditing standards. The ARSC is further aware that, for many practitioners, compilations and reviews represent the highest level of service performed and, therefore, those practitioners may be unfamiliar with the auditing literature. The ARSC determined that it would be in the best interest of practitioners performing compilations and reviews as well as in the public interest if certain references to the auditing literature were eliminated from the SSARSs and those concepts incorporated in the SSARSs. The proposed statement will eliminate those references to auditing literature from SSARSs and, where appropriate, incorporate guidance similar to that originally referenced.
The proposed statement would be effective for compilations and reviews of financial statements for periods ending on or after Dec. 15, 2007. Early application would be permitted.
To obtain the exposure draft, visit:
www.aicpa.org/Professional+Resources/Accounting+and+Auditing/ Audit+and+Attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as +Standards/Exposure+Drafts+of+Proposed+Statements/
In the process of developing the guidance in the proposed statement, the ARSC determined that certain additional guidance should be developed for compilation Compiling a program. See compiler. and review engagements. That guidance includes, but is not limited to, the following:
* The accountant's consideration of going concern.
* The accountant's consideration of adequacy of disclosure in financial statements prepared in conformity with an OCBOA OCBOA Other Comprehensive Basis of Accounting .
* The accountant's consideration of subsequent events.
Such guidance will be developed and exposed in separate proposed statements on standards for accounting and review services. The ARSC plans to expose To make available. When software "exposes" certain functions, it makes those routines available to the programmer through a programming interface (API). If a company "exposes" its Web services, it is making certain services available to users or to other companies over the Web. such proposed statements in the third quarter of 2007.