Explaining the role of ARSC and its decision tree
Journal of Accountancy Podcast
English - February 01, 2024 20:36 - 14 minutes - 20.5 MB - ★★★★ - 67 ratingsBusiness tax accounting finance financialreporting Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Mike Westervelt, CPA, is chair of the AICPA Accounting and Review Services Committee (ARSC), and he joins this episode of the JofA podcast to discuss the committee’s role in assisting members.
In 2023, ARSC released a decision tree to guide practitioners in eliminating confusion related to the applicability of AR-C Section 70, Preparation of Financial Statements. He compares the decision tree, an interactive PDF, to the Choose Your Own Adventure book series.
Resources:
· Analytical Procedures in a Review Engagement
· Guide to financial statement services
What you’ll learn from this episode:
· An introduction to ARSC and its main roles.
· An explanation of preparation services and related guidance.
· What Westervelt means by saying: “You cannot trip into a standard anymore.”
· A guide to ARSC’s decision tree and how it can eliminate confusion for practitioners about the applicability of AR-C Section 70.
· Other resources for members and areas of focus for ARSC in the future.