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Preparation Engagements

Preparation engagements can be performed by CPAs to issue financial statements to clients. AR-C 70 provides the professional guidance for this type of service. In preparation engagements, the CPA issues the financial statements without a compilation report (or any other type of report), though a disclaimer is provided either at the bottom of each financial statement page or preceding the financial statements as a whole. Additionally, the disclaimer must state that “no assurance is provided.”

Preparation of Financial Statements (AR-70) is often used as an alternative to Compilations (AR-80). Both services require a signed engagement letter. 

SSARS 27
Preparation, Compilation & Review

How SSARS 27 Makes Things Better for CPAs

In April 2025, the AICPA’s Accounting and Review Services Committee (ARSC) issued Statement on Standards for Accounting and Review…

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supplementary information compilations and preparations
Preparation, Compilation & Review

How to Address Supplementary Information in Compilation and Preparation Engagements

Are you wondering how to present supplementary information in compilation and preparation engagements? What supplementary information (SI) should be included?…

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New SSARS Book
Preparation, Compilation & Review

New SSARS Book – Second Edition

Are you looking for preparation of financial statement assistance? How about compilation engagement guidance? If you are a CPA…

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Preparation of Financial Statements
Preparation, Compilation & Review

AR-C 70: The Definitive Guide to Preparations

Are you aware of the option in the SSARS titled Preparation of Financial Statements (AR-C 70)? Many CPAs still…

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efficient way to issue financial statements
Preparation, Compilation & Review

Issue Financial Statements in the Most Efficient Way

What is the most efficient way to issue financial statements? Tax basis financial statements without disclosure, using the Preparation…

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Special purpose reporting framework
Accounting and Auditing Preparation, Compilation & Review

An Introduction to Special Purpose Reporting Frameworks

In this article, I provide information about various special purpose reporting frameworks (e.g., cash basis, modified-cash basis, and income…

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selected disclosures
Preparation, Compilation & Review

Selected Disclosures in SSARS Engagements

Do you ever want to include just one disclosure in your financial statements without providing all the notes? Selected disclosures can be…

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financial statement references
Accounting Preparation, Compilation & Review

Required Financial Statement References

What financial statement references are required at the bottom of financial statement pages? Is there a difference in the…

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Preparing financial statements
Preparation, Compilation & Review

Preparing Financial Statements: Which Standards Apply?

Which standards apply when you prepare financial statements? The AICPA Accounting and Review Services Committee added a section to…

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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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