CPAs have had many questions about the use of AR-70, Preparation of Financial Statements. Those questions include:
When is the standard applicable?
What work papers must I retain?
Is an engagement letter required?
What should the preparation report look like?
Should I include a disclaimer page?
How do I communicate departures from the applicable basis of accounting?
Can I add supplementary information?
Can AR-C 70 be used in reference to prescribed forms?
Today we answer your most pressing questions about using the SSARS 21 preparation standard.