ARSC to Discuss Proposed Standards
The Accounting and Review Services Committee (ARSC) is scheduled to discuss proposed standards during its meeting on May 10-12, 2011.
The standards expected to be tackled are the proposed PEEC Omnibus standard, the proposed revisions to Interpretation 101-3, the proposed Statement on Standards for Accounting and Review Services (SSARS) on the use of the accountant’s name in a document or communication containing unaudited financial Statements that have not been compiled or reviewed and the redrafted SSARS compilation of financial statements proposal.
ARSC will specifically deal on three agendas: the effects of the proposed revisions to Interpretation 101-3 to the nonindependent review, the comments received on the proposed SSARS regarding the use of the accountant’s name of which a ballot election on what to issue as a final standard and objective will follow and the objective of the proposed SSARS on financial statements.
The committee members will also discuss establishing understanding, understanding of the industry, knowledge of the client, communications between predecessor and successor accountants, reading the Financial Statements, other compilation procedures and documentation in compilation engagement sections of the proposed SSARS.
The meetings and meeting materials and highlights relating to the establishment of a SSARS and other compilation and review matters directly affecting the public interest are open to the public.
Portions of the meeting that will discuss administrative or confidential matters will be private.
ARSC is AICPA’s senior technical committee for compilations or reviews of American accounting standards.
It is designated to issue pronouncements of unaudited financial statements or other unaudited financial information of non-public entities, execute established due process to develop compilation and review standards and to influence the form and content of pronouncements of bodies having authority over compilation and review standards.
ARSC is also scheduled to hold meetings on August 23-25 and November 8-10 this year.