Interactive tool helps you decide applicability of AR-C section 70

SSARS No. 21 identified a new level of service, but when does AR-C section 70 apply?

If you’d like to determine whether AR-C section 70 is required as part of your accounting or bookkeeping services, there’s an interactive decision tree to guide you quickly to a yes or no answer.

In addition to the decision tree, the Audit and Attest Standards staff, with input from the AICPA Accounting and Review Services Committee, developed Analytical Procedures in a Review Engagement — a practice aid that illustrates the importance of forming expectations and considering the precision of the expectation.

In this brief video, Michael Westervelt, CPA, chair of the Accounting and Review Services Committee, explains SSARS No. 21 and the tools available to help you confidently navigate the applicability of AR-C section 70.

If you wonder, Am I in preparation services? Westervelt advises, “You can’t trip into a preparation, it’s really a conversation you need to have with your client to determine how best to serve that client.”

To view the AR-C section 70 flowchart and interactive decision tree, visit the Preparation, Compilation, and Review Standards resource page.