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Two proposed SSARS, Performance of Review Engagements and Standards for Accounting and Review Services, exposed for comment.


The AICPA's Accounting and Review Services Committee has issued two exposure drafts for comment. One of them, the proposed Statement on Standards for Accounting and Review Services Performance of Review Engagements would revise SSARS SSARS - Statements on Standards for Accounting and Review Services No. 1 to expand on previously provided guidance on analytical procedures, inquiries, and other review procedures; provide inquiries regarding fraud in a review engagement and require representations regarding fraud in the management representation letter; and clarify and provide guidance regarding workpaper documentation in a review engagement.

The proposed statement would be effective for reviews of financial statements for periods ending on or after Dec. 15, 2004.

Standards for Accounting and Review Services, the other proposed statement, establishes a SSARS hierarchy. In addition, it addresses a technical correction to SSARS No. 2, Reporting on Comparative Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 200). The proposed statement will revise SSARS No. 2 (AR sec. 200.17, footnote 9) to conform with the guidance found in Statement on Auditing Standards No. 58, Reports on Audited Financial Statements (AICPA, Professional Standards, vol. 1, AU sec. 508.74, footnote 29), as amended, which states that a successor auditor may name the predecessor auditor if the predecessor auditor's practice was acquired by, or merged with, that of the successor auditor. This proposed statement would be effective upon issuance.

Comments on each exposure draft are due Apr. 11. Copies of the EDs may be obtained from our Web site:

http://www.aicpa.org/members/ div/auditstd/drafts.htm
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Title Annotation:accounting & auditing news
Publication:CPA Letter
Date:Jan 1, 2004
Words:247
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