Responsibility and Analysis Standards
CD of Teleconference with Q&A
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Tax Incentives Alert and Sales & Use Tax Monitor
Accounting firms that perform compilation and review services face significant and detailed new practice rules under the AICPA's Statements on Auditing Standards No. 16 (SSARS No. 16) and No. 17 (SSARS No. 17).
SSARS No. 16, effective Dec. 18, 2007, defines levels of responsibilities for accountants performing compilations and reviews, just as SAS No. 102 sets imperatives for audits conducted under GAAP.
SSARS No. 17 gives new guidance on analytical procedures, consideration of subsequent events and going concerns, and other key matters on compilations and reviews. It takes effect with engagements for periods ending on or after Dec. 15, 2008.
Listen as our panel of accounting professionals helps your firm prepare to conduct compilations and reviews in full compliance with SSARS No. 16 and 17.
Our panel included:
Jim Gero, Partner and Shareholder, Hobe & Lucas, Independence, Ohio. He oversees his firm's accounting and audit practices. He is a 20-year veteran of the accounting profession, a past member of the Ohio Society of CPAs Peer Review Committee, and former President of the society's Cleveland chapter.
Steve Bodine, Principal, LarsonAllen, Minneapolis. He has 30 years of accounting experience, chairs the AICPA's Technical Issues Committee and sits on the AICPA Council, and is active in FASB's Emerging Issues Task Force.
Danielle Thompson, Executive, Crowe Chizek and Co., Elkhart, Ind. She has 14 years of experience performing compilations and reviews for companies with $100,000 to $60 million in sales, with a strong focus on manufacturing, service and distribution clients.
The panel bottom-lines all key aspects of the new standards and suggest practical approaches to implement them, including:
- SSARS No. 16: How to provide consistent compilation and review services under clearly defined responsibilities.
- SSARS No. 17: What the newly stated differences between compilation and review services, and illustrative arrangement letters, mean for your firm's practice.
- SSARS No. 17: New guidance on financial statement analytical procedures in review engagements, consideration of subsequent event and going concern factors, and the revised definition of "third parties."
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TELECONFERENCE CD
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