AICPA OKs MAJOR CHANGES TO COMPILATIONS - American Institute of Certified Pblic Accounatnts - Accounting and Review Services Committee - Brief Article

California CPA, Nov, 2000

The AICPA's Accounting and Review Services Committee has proposed the first major revision to the Statements on Standards for Accounting and Review Services in more than 20 years.

New options were added to make the standard more flexible and to allow accountants to use their professional judgment in dealing with clients. The definition of "submission of financial statements," which triggers the application of SSARS No. 1; and the addition of communication options in certain circumstances were two major changes proposed.