22 Nov CA Licensing and Peer Review Issues
CA Licensing Issue: SSARS 8
According to the California Board of Accountancy Update newsletter, Fall 2001, Issue 49: The Board concluded at its July 2001 meeting that “since no report is issued, these financial statements would not be subject to review by the Report Quality Monitoring Committee. However, licensees who compile these financial statements still need to follow compilation performance standards. Consequently, these licensees are required to complete 24 hours of accounting and auditing continuing education.”
If a firm does not complete any SSARS 1 work and is, therefore, not subject to Peer Review, SSARS 8 work will not change that ruling and the firm will not be required to enroll in the program. If a firm is already subject to Peer Review, SSARS 8 work will fall within the scope of what can be examined as part of the process.