Explaining the role of ARSC and its decision tree

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:

·         ARSC homepage

·         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.