Accounting
FASB Summaries
FASB Exposure Drafts
GASB Summaries
GASB Exposure Drafts
AICPA White Paper

Taxation
Federal Tax Forms
New York State Tax Forms
New York City Tax Forms
Other State Tax Forms
Tax Acct. & Regulatory Bulletin

Ethics & Regulation
Code of Conduct
NYS Accountancy Regulations
Briefing Book on Issues

Risk Management
Peer Review Summaries
Risk Mgt.& Liability Guidebook

Bookshelf
Other CPA Journal Publications
Forensic & Litigation Svcs. Directory
Career Opportunities Handbook

AICPA white paper on internal use-only financial statements

COMPILATIONS AND ADDITIONAL FINANCIAL STATEMENT SERVICES

During March 1999, the AICPA Council members met and discussed the issues outlined in this paper. Overwhelming, Council supported amending the AICPA governing rules to permit all CPAs to compile financial statements under SSARS No. 1. As to whether the Accounting and Review Services Committee should be encouraged to amend SSARS No. 1 to enable a fourth level of service that results in financial statements that are restricted to use by internal personnel, Council members votes were split.

At its April 1999 meeting, the AICPA Board of Directors discussed the input and advice received from Council members and agreed to the following:

1. At its Spring Meeting of Council, members will be asked to approve a Council resolution that will permit all CPAs to prepare compilations; and
   
   
2. Encourage ARSC to revisit SSARS given today’s technological environment, and develop a solution that is aligned with the AICPA’s vision.

Information regarding the work of SSARS can be found at AICPA.ORG.

TABLE OF CONTENTS

INTRODUCTION

• Actions Taken by the Florida Board of Accountancy In Response to Litigation Initiated by American Express
  • Why the AICPA Must Act

PRIMARY ISSUES

PROCESS FOR CONSIDERING THE ISSUES

Discussions by the AICPA Board of Directors

Criteria for Evaluating Strategies

Tentative Conclusions Reached by the Board

RATIONALE FOR TENTATIVE CONCLUSIONS

This section summarizes considerations that were deemed significant by Board members. It includes reasons for accepting certain views and rejecting others.

"CPA Firm" as a requirement to perform compilations.

Implications for Peer Review

Definition of Attest

Compilations Reserved for CPAs / Need for Compilations / Enforcement

Demand for Additional Financial Statement Services

OTHER RELEVANT INFORMATION

Impact on Current UAA Initiatives / Initiatives of the AICPA Peer Review Board

CONCLUSION

Appendix A

Description of Assembly Service as Excerpted From the "Pigs Are Flying in Florida" Speech by Lloyd "Buddy" Turman, Executive Director of the Florida Institute of CPAs

Appendix B

History of the ARSC’s Consideration of a Fourth Level of Service

Appendix C

Procedures Required by SSARS and the Applicability of SSARS

Home | About Us | Continuing Education | Future CPAs | Government Affairs | Professional Resources | Publications | Sound Advice | Tax Resources
Chapters | Committees | Member Center | Events Calendar | Classifieds | Careers | E-zine Subscriptions | The Trusted Professional | The CPA Journal



Search | Site Map | Become a Member | Jobs | Press Room | Contact Us | Feedback

©1997 - 2008 New York State Society of Certified Public Accountants. Legal Notices