Current Developments in Compilations and Reviews


The objective of this course is to inform the reader of the various changes made to the compilation and review standards by the AICPA’s Accounting and Review Services Committee (ARSC) and to address practice issues related to compilation and review engagements.

Section I of this course consists of an overview of SSARS No. 21, as amended by SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016. The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement. The course also discusses SSARS No. 22, Compilation of Pro Forma Financial Information.

Section II consists of practice issues in compilation and review engagements. Topics include a discussion of an accountant’s responsibility for fraud, internal control and going concern, representation letters for review engagements, personal financial statements, tax-basis financial statements, legends on financial statements, accountant’s liability in compilation and review engagements, saving time in engagements, and more. The focus of the course is to identify, recognize, and recall the rules pertaining to various pronouncements, including those related to recent developments.

Learning Objectives

After completing this course, you will be able to:

  • identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards 
  • recall what must happen for an accountant to perform a preparation of financial statements engagement
  • identify requirements to be satisfied to perform a review engagement under AR-C 90
  • identify an example of a deferred M-1 that is eliminated by tax-basis financial statements
  • identify when a management representation letter is required and some general rules pertaining to such letters
  • recognize the privity standard as it relates to the accountant’s liability to third parties

Designed For

Practicing CPAs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel


General understanding of compilation and review standards

Advanced Preparation


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