Compilation and Review Engagements - AICPA Guide

AICPA Guides are developed and updated to provide guidance and discussion about specific topics. The AICPA Guide Compilation and Review Engagements summarizes standards, guidance, and practices, and delivers “how-to” advice for handling issues commonly encountered by accountants when performing compilation and review engagements.

Updated as of March 1, 2012, the guide features content to assist practitioners successfully apply the requirements and guidance promulgated in, among others, SSARS No. 19. The guide includes illustrative engagement and representation letters, illustrative accountants compilation and review reports, detailed illustrations (including illustrative client inquiries), and case studies. An exhibit on performing compilation and review engagements on personal financial statements and Q & As regarding compilation reporting requirements when independence is impaired is included.  A whitepaper on understanding internal control and internal control services is also included as an appendix in the guide. The guide was developed by industry experts and was approved by the AICPA’s Accounting and Review Services Committee.

Updates significant to this edition include technical guidance contained in:

• Interpretation No. 17, “Required Supplementary Information That Accompanies Compiled Financial Statements,” of AR section 80
• Interpretation No. 11, “Required Supplementary Information That Accompanies Reviewed Financial Statements,” of AR section 90