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The Accounting and Review Services Committee (ARSC) is responsible for issuing standards for compilations and reviews of financial statement issued by nonpublic companies. Visit the AICPA website (www.aicpa.org) and answer the following questions about the operations of this committee:
Requireda. How many individuals serve on the ARSC and how are they chosen to serve?b. What is the nature of the due process ARSC follows when developing and establishing new standards?c. How long must an exposure draft of a new standard (i.e., a new SSARS) be made available for public comment?d. How many affirmative votes are required before an exposure draft of a proposed or final SSARS can be issued?e. Are meetings of the ARSC open to the public?
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