Omnibus statement on standards for accounting and review services, 1992;

              Omnibus
Statemen
t on Standards for Accounting and Review Services —1992
SSARS 1, Compilation and Review of Financial Statements
(Supersedes SSARS 1, paragraphs 1, 4, 7, 8, 14, 17, 21, 31, 32, 35, 36, 40, 44, 45, 46, 47, 48, and 49 and Appendixes B, C, and D)
1. This amendment clarifies the applicability of SSARS 1, Compilation and Review of Financial Statements, by indicating that in certain circum-stances, an accountant may perform a review of a public company under the provisions of Statements on Standards for Accounting and Review Sen/ices. It amends footnote 1 of paragraph 1. New language is shown in boldface italics.
1 Statements on Auditing Standards (SASs) provide guidance to the accountant who performs ser-vices in connection with the unaudited financial statements of a public entity. However, when a public entity does not have its annual financial statements audited, an accountant may review the entity's annual or interim financial statements in accordance with Statements on Standards for Accounting and Review Services as permitted by footnote 4 of SAS No. 26, Association With Financial Statements (AICPA, Professional Standards, vol. 1, AU sec. 504.05).
2. This amendment inserts a footnote in paragraph 4 to indicate that the definition of generally accepted accounting principles and the hierarchy of established accounting principles presented in SAS No. 69, The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" in the Independent Auditor's Report (AICPA, Professional Standards, vol. 1, AU sec. 411), is also applicable to compi-lations and reviews of financial statements performed under SSARSs. It also expands an existing footnote to paragraph 4 to indicate the source
Copyright© 1992 by
American Institute of Certified Public Accountants, Inc.
All rights reserved. Requests for permission to make copies of any part of this work should be mailed to Permissions Department, AICPA, Harborside Financial Center, 201 Plaza III, Jersey City, NJ 07311-3881.
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Statement on Standards for Accounting and Review Services
Issued by the Accounting and Review Services Committee
AICPA
American Institute of Certified Public Accountants
November 1992
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