April 2003

AICPA Issues Updated Illustrative Representation Letter for SSARS No. 9

The American Institute of CPAs in March issued a new “illustrative representation letter” in response to a recent update of the Statement on Standards for Accounting and Review Services (SSARS) No. 9, Omnibus Statement.

SSARS No. 9 requires an accountant to obtain a representation letter when performing a review engagement, a press release from the AICPA states. The new representation letter addresses specific new requirements, replacing an existing sample letter in Appendix F of the SSARS.

According to the press release, the illustrative letter includes a list of “additional representations the accountant should consider” in different situations, including an updated representation for goodwill and other intangible assets, and FASB Statement No. 144 on accounting for the impairment or disposal of long-lived assets.

The current issue of the Codification of Statements on Standards for Accounting and Review Services does not include this update representation, but will be updated upon its next printing.