Recently Issued Review, Compilation and Preparation Standards: Information and Resources
This is an exciting time in the review, compilation and preparation space. Standards are changing to keep up with today’s business environment. To set you up for success, we gathered all the AICPA’s valuable resources and information on recently issued new standards in one place. Check back often to find the latest resources.
Materiality in a Review of Financial Statements and Adverse Conclusions (SSARS No. 25)
SSARS No. 25 amends AR-C sections 60, 70, 80, and 90 in AICPA Professional Standards. This SSARS further converges AR-C section 90, Review of Financial Statements, with International Standard for Review Engagements 2400 (Revised), Engagements to Review Historical Financial Statements. The ARSC believes that it is important for the SSARSs literature to be as closely converged with ISRE 2400 (Revised) as possible in order to facilitate the accountant’s ability to perform and report on engagements in accordance with both sets of standards and mitigate the likelihood of confusion regarding the level of assurance obtained in accordance with either set of standards. In addition, SSARS No. 25 also aligns certain concepts with the auditing standards. Even though there are significant differences between an audit engagement and an engagement performed in accordance with SSARSs, there are certain concepts, such as materiality, that are consistent regardless of the level of services performed on the financial statements.
Effective date:
Effective for engagements performed in accordance with SSARSs on financial statements for periods ending on or after December 15, 2021.
Helpful resources:
