My long term plans have included offering peer review services. I plan to complete the required class and then move toward getting on the list of officially approved providers. Stay tuned for further news updates!
Compilations & reviews
Here is a visual picture that illustrates the different comfort levels someone can draw from financial statements that have been audited, reviewed, or compiled by a CPA.
Here is a picture of assurance levels from reports issues by CPAs.
This is an explanation of the visual picture I drew in the previous post. I will try to explain the differences between audits, reviews, and compilations with a minimal amount of the technical words we CPAs usually bring to an issue. …
Just a reminder that financial statements should not be referring to FASB documents or other accounting literature, such as FIN 48, FAS 157, FAS 13, FSP 117-1 or any of those other things we know by heart. FASB Statement #168 established the Accounting Standards Codification to replace all the accounting literature then in effect. …
Remember that SSARS 19 makes a lot of changes to the review and compilation procedures. In terms of the reports, the entire report is changing – the wording is completely different.
Update – SSARS 19 had been replaced by SSARS 21. All the reports have been revised. See:
- Flash update on SSARS #21
- Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.
- Sample compilation report under SSARS 21
- Sample accountant’s review report for SSARS 21
- Video overview of SSARS 21
- New risk alerts for 2014/2015 are available