AICPA ARSC Proposed Statement on Standards for Accounting and Review Services: Applicability of AR-C Section 70 to financial statements prepared as part of a consulting services engagement

Published: Nov 20, 2024

TXCPA’s Professional Standards Committee supports SSARS 21 amendments, backing clarity on consulting engagements, appropriate revisions, and the proposed effective date with early adoption flexibility for CPAs.

    The Texas Society of CPAs' Professional Standards Committee (PSC) submitted comments to the AICPA ARSC regarding the proposed amendments to SSARS No. 21. The PSC supports explicitly excluding financial statements prepared as part of consulting services engagements under CS section 100 from AR-C section 70 requirements, citing benefits of clarity and competitive advantage for CPAs. The committee agrees with the proposed effective date, emphasizing it provides adequate implementation time and allows early adoption. Additionally, the PSC supports the revisions to paragraph .01 and the introduction of application paragraph A4, finding them appropriate and beneficial.

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    Read the full comment letter here. View TXCPA PSC comment letter here.

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