Statement on Standards for Accounting and Review Services (SSARS) 1 began a new era in certified public accountants' (CPA) reporting on nonpublic companies. Procedures and reporting standards for both compilations and reviews of financial statements were specified. In a compilation engagement, the CPA is required to obtain a general understanding of: 1. the client's business transactions, 2. the accounting records, 3. the qualifications of accounting personnel, and 4. the financial statements. For a review engagement, the CPA must gain an understanding of the client's industry and business, make inquiries, and perform analytical review procedures. While no opinion is expressed in a compilation report, in the review report the CPA expresses limited assurance. A study was conducted via questionnaires to 400 CPA firm partners to discover how practitioners view the requirements of SSARS 1. Overall, the CPA firm partners perceived compilation and review reporting as a significant improvement over having only unaudited services. The greatest problem identified was the CPA's perception that the meaning of a review report is not generally understood by clients and bankers.