AR-C 70 Preparation of Financial Statements
Original Pronouncement
| Source | Statement on Standards for Accounting and Review Services (SSARSs) 21 and 23. |
Technical Alert
In October 2016, the ARSC issued SSARS 23, Omnibus Statement on Standards for Accounting and Review Services – 2016. The Statement amends AR-C 60, AR-C 70, AR-C 80, and AR-C 90 and is effective upon issuance, except for paragraphs on prospective financial information in AR-C 70 and AR-C 80. Those paragraphs are effective for information prepared or for reports issued on or after May, 1, 2017. The changes in SSARS 23 are incorporated in each section.
Objectives and Limitations of Preparation Engagements
It is important to note that the requirements in AR-C 60 apply to all SSARS engagements, including preparation engagements. In addition to the guidance in this chapter, readers should apply the requirements in the chapter on Section 60 to preparation engagements.
AR-C 70:
- provides general principles for engagements performed in accordance with SSARSs and
- sets forth the meaning of certain terms used in SSARSs when describing the professional requirements imposed on accountants performing a SSARSs engagement.
This section does not apply when an accountant prepares financial statements or prospective financial information
- and is engaged to perform an audit, review, or compilation of those financial statements,
- solely for submission to taxing authorities,
- for inclusion in written personal financial plans ...
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