On September 23, 2024 the AICPA’s Accounting & Review Services Committee proposed SSARS Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement, would amend the applicability of AR-C section 70, Preparation of Financial Statements, in AICPA Professional Standards to explicitly exclude financial statements prepared as part of a consulting services engagement performed in accordance with CS section 100, Consulting Services: Definitions and Standards, in AICPA Professional Standards from those engagements in which AR-C section 70 is required to be applied. The comment period ends December 20.
The proposed SSARS would become effective for the preparation of financial statements for period ending on or after December 15, 2026. Early implementation would be permitted.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.
Jaclyn Veno, CPA, holds both a bachelor’s and a master’s degree in accounting from Clemson University. Before joining Galasso Learning Solutions, she held previous positions in auditing with two top 10 CPA firms. Jaclyn has extensive experience developing both staff and interns including working with overseas staff. She holds certificates in adult learning, instructional design, and training & facilitation as well as virtual learning theory from the Association for Talent Development (ATD).