ARSC Prepares 3 Standards for Exposure

State Board Report

October 2013

By the end of October, the AICPA’s Accounting and Review Services Committee (ARSC) expects to release for exposure three new standards that should be of interest to State Boards, NASBA Director-at-Large Janice Gray(OK), a member of ARSC, reported. These include: 1- a revised compilation standard that provides requirements and guidance for a compilation engagement of historical financial statements; 2- a standard that provides requirements and guidance for only preparing financial statements, not performing a compilation, review or audit; and 3- a standard that provides requirements and guidance for an accountant permitting his or her name to be used in a report, document or written communication when they did not issue a compilation, review or audit report.

Ms. Gray, who chairs NASBA’s Compliance Assurance Committee, will be working with NASBA’s Regulatory Response Committee and Executive Committee on commenting on these forthcoming standards when they are released.