Compilation and Review Engagements Guide

This guide 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, 2011, the guide features content to assist practitioners in applying the requirements and guidance promulgated in SSARS No. 19 and other significant professional standards. The guide includes case studies and illustrative engagement and representation letters, accountants compilation and review reports, and other detailed illustrations including client inquiries. 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. Whitepapers on understanding internal control and internal control services, and reporting on compiled or reviewed financial statements for periods ended on or after December 15, 2010 with comparative financial statements for periods ended before December 15, 2010 are also included as appendixes in the guide.

The guide was developed by industry experts and approved by the AICPA’s Accounting and Review Services Committee. A subject index has been added to the guide for ease of use. The guide has been updated to include the technical guidance in SSARS No. 20, Revised Applicability of Statements on Standards for Accounting and Review Services.

Also introduced in this edition of the guide is new or expanded discussion of the following:

• Applicability of SSARSs to litigation, controllership and other management services
• Compilation reporting and communication requirements related to proforma information, personal financial statements, specified elements, accounts, or items of a financial statement, emphasis of a matter, supplementary information, and prescribed forms
• Review reporting and communication requirements related to emphasis of a matter, supplementary information, and personal financial statements
• Expanded illustrative engagement and representation letters
• Expanded illustrative accountants compilation and review reports, including reporting on comparative financial statements

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

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