Yigal Rechtman, Principal Drafter, New Jersey State Society of CPAs, December 2024
The Accounting and Auditing Standards Interest Group (A&ASIG) of the New Jersey Society of Certified Public Accountants (NJCPA) is pleased to offer its feedback and comments on the proposed statement on Standards for Accounting and Review Services applicability of AR-C section 70 to financial statements prepared as part of a consulting services engagement. The comments herein represent those of some of the members of the A&ASIG only and do not necessarily reflect the views of all members of the Group or NJCPA. We appreciate the time and effort the standard setters have made in creating the Private Company Council and their desire to help these entities. We welcome the opportunity to comment on the review of the PCC. Overall, we recognize the vital purpose the PCC serves, and a key point of our feedback, is the PCC needs to be more actively engaged in the standard setting process rather than have its influence diminished.
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