Two proposed SSARS exposed for comment.

• Position: Standards for Accounting and Review Services - Brief Article

Performance of Review Engagements and Standards for Accounting and Review Services are available on line for comment.

The AICPA's Accounting and Review Services Committee has issued two exposure drafts for comment. One of them, the proposed Statement on Standards for Accounting and Review Services (SSARS) Performance of Review Engagements would revise SSARS No. 1, Compilation and Review of Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 100), to expand on previously provided guidance on analytical procedures, inquiries, and other review procedures; provide inquiries regarding fraud in a review engagement, and require representations regarding fraud in the management representation letter; and clarify and provide guidance regarding work paper documentation in a review engagement. Comments should be received no later than April 11, 2004.

The proposed statement would be effective for reviews of financial statements for periods ending on or after Dec. 15, 2004.

The other proposed Statement, Standards for Accounting and Review Services, establishes a SSARS...