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AICPA Consulting Standards

The AICPA issues the consulting standards.

AICPA Consulting Standards

AICPA Consulting Standards

Many of the services provided by CPAs fall under this standard. For instance, when CPAs provide phone consultations to clients, they usually do so under these standards. Another example is short manual reports that are not financial statements.

The consulting standards don’t require an engagement letter. Even so, it is wise to use one, especially if the project is lengthy. Shorter projects can be documented with memorandums to document what was done, what the client requested, what the client provided, and the results.

Most consulting work is done for the client and not for third parties. If a deliverable is provided to client and third parties, it might be advisable to use other professional standards such as the auditing standards, the attestation standards, or the Statement on Standards for Accounting and Review standards. These alternate standards are more rigorous and may provide additional litigation protection.

The AICPA consulting standards provide a great deal of flexibility in providing services to clients. Additionally, such services are not subject to peer review in most states. So if you are a CPA looking for a simple set of professional standards, this might be what you are looking for.

See the full AICPA Consulting Standards. They are only seven pages long. 

AICPA Consulting Standards
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Charles Hall

Charles Hall

I am a practicing CPA. I have primarily audited governments, nonprofits, and small businesses for the last forty years.

My sweet spot is governmental and nonprofit fraud prevention. I am the author of (1) Journal Entries Made Easy,  (2) The Little Book of Local Government Fraud Prevention, (3) Preparation of Financial Statements & Compilation Engagements, (4) The Why and How of Auditing, and (5) Audit Risk Assessment Made Easy. I frequently speak at continuing education events.

I consult with CPA firms, assisting them with auditing and accounting issues. Contact Charles

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Book: Journal Entries Made Easy, an Introduction to Accounting
Book: The Little Book of Local Government Fraud Prevention
Book: Preparation of Financial Statements & Compilation Engagements
Book: Audit Risk Assessment Made Easy: Seeing What Others Miss
Book: The Why And How Of Auditing: Auditing Made Easy
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