In late April, the AICPA's Accounting and Review Services Committee released an exposure draft that would revise the standards for compilation and review engagements. Comments were due July 31; the committee is now reviewing the comment letters and will consider issuance of final standards at meetings this fall. The changes, designed to address concerns of small businesses, users of small-business financial statements and CPAs who serve smaller entities, would allow an accountant to issue a review report on financial statements when also performing nonattest services that were designed to improve the reliability of the client's financial information. Additionally, the proposed standard would harmonize review standards with the International Auditing and Assurance Standards Board's review standard ISRE No. 2400 as well as recodify AR section 100, Compilation and Review of Financial Statements, into separate chapters for compilation and review engagements. Get all the details from Tom Ratcliffe, chair of the ARSC Reliability Task Force, as he discusses how the new compilation and review paradigm would work in Part I and Part II of this podcast series.