At its meeting on April 7, 2016, the AASOC received a report from the AASB regarding this project. The AASOC discussed whether the practitioner’s report should clearly state what it is not (i.e., an audit or a review engagement). However, some AASOC members felt that, from a public interest perspective, it is better for the report to take the opposite approach and clearly establish what a compilation engagement is. The AASOC also noted that awareness and education will be key in this project. Eric Turner of the AASB staff stated that, in line with the AASB’s strategic goal to increase stakeholder engagement, significant outreach is planned. In addition, there will likely be a public document for comment prior to the exposure of a draft standard.

Review the minutes on the AASOC's Web site.