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Course Details

Making Money with Special Engagements - Agreed-Upon Procedures, Forecasts, Projections, and Other Special Reporting Opportunities (Course Id 757)

Updated / QAS / Registry   Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 12.0
IRS Credits : 0
Price : $107.95
Passing Score : 70%
Primary Subject-Field Of Study:

Auditing - Accounting and Auditing for Course Id 757

Description :

The purpose of this course is to review, recall and identify the changes that SSAE No. 10, Attestation Standards: Revision and Recodification, made to the Attestation Standards. Additionally, the overall theme of special reporting issues, including guidance found in AU-C Section 800: Special Considerations- Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks (formerly found in SAS No. 62, Special Reports), is covered. You will gain an understanding of the foundation of Attestation Standards and of the fundamental and key changes that SSAE No. 10 made to the existing standards. Moreover, the section covering the general framework of the standards explain the requirements, examination engagements, review engagements and other matters affecting Attestation Standards. Section 2 covers agreed-upon procedures engagements, while Section 3 covers compliance engagements and reporting on specific elements, accounts or items of a financial statement. Section 4 addresses prospective financial information. Because of investors’ and bankers’ need for forward-looking information, accountants in both public accounting and industry need to understand the rules for prospective financial forecasts and projections. Finally, Section 5 of the course covers reporting on pro forma information, summarizes the basics of MD&A, and more. The course focuses on reviewing, recalling and identifying the rules related to the attestation standards.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : General understanding of the attestation standards
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 18-Mar-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 757

Keywords : Auditing, Making, Money, Special, Engagements, AgreedUpon, Procedures, Forecasts, Projections, Other, Special, Reporting, Opportunities, cpe, cpa, online course
Learning Objectives :

Section 1
Introduction

Upon completing Section 1 of this course, you will be able to:
    • Identify the terms “attestation” and “attest”
    • Identify examples of attest services
    • Identify the two fundamental changes that SSAE made to the existing SSAE standards
    • Recognize some of the services covered by the SSAEs
    • Identify some of the attestation standards
    • Identify the level of services that an accountant may perform in an attestation engagement
    • Identify some of the language found in a review report performed under the attestation standards
    • Identify examples of consulting services

Section 2
Agreed-Upon Procedures Engagements

Upon completing Section 2 of this course, you will be able to:
    • Identify some of the advantages of an agreed-upon procedures engagement
    • Identify the parties involved in an agreed-upon procedures engagement and some of their responsibilities
    • Recognize the formula for attestation risk
    • Recognize the form of a report on an agreed-upon procedures engagement
    • Identify the requirements for obtaining a representation letter in an agreed-upon procedures engagement

Section 3
Compliance Engagements

Upon completing Section 3 of this course, you will be able to:
    • Identify examples of compliance engagements
    • Identify the types of compliance engagements that an accountant may perform
    • Recall some of the conditions needed to issue a report of negative assurance regarding compliance
    • Identify examples of specified elements, accounts or items to which an accountant may issue a compilation report

Section 4
Financial Forecasts and Projections

Upon completing Section 4 of this course, you will be able to:
    • Recognize the types of reports that an accountant may issue with respect to prospective financial statements
    • Identify the types of prospective financial statements
    • Recall some of the Minimum Elements for Prospective Financial Statements
    • Identify the report date on an examination report on prospective financial statements
    • Identify situations in which internal use financial statements might be used
    • Identify examples of partial presentations of prospective financial information

Section 5
Reporting on Pro Forma Financial Information

Upon completing Section 5 of this course, you will be able to:
    • Identify types of engagements that can be performed on pro forma financial information
    • Identify some of the procedures for performing a pro forma engagement
Course Contents :

Section 1 - Introduction

Background

Summary of  the Changes in SSAE No. 10

A Blue Print to Using the Attestation Standards

Attestation Standards- General Framework

Review Questions and Suggested Solutions

 

Section 2 - Agreed-Upon Procedures Engagement

General

Conditions Necessary to Perform an Agreed-Upon  Procedures Engagement

Performing an Agreed-Upon Procedures Engagement

Review Questions and Suggested Solutions

 

Section 3 - Compliance Engagements

Reporting on Specific Elements, Accounts or Items of a Financial Statement

Review Questions and Suggested Solutions

 

Section 4 - Financial Forecasts and Projections

General

Authority for Prospective Financial Statements

What are Prospective Financial Statements?

Financial Statements Excluded from the Definition of Prospective Financial Statements

Use of Prospective Financial Statements

Format of Prospective Financial Statements

Compilation of Prospective Financial Statements

Examination of Prospective Financial Statements

Agreed-Upon Procedures Engagements- Prospective Financial Information

Issuing Prospective Financial Statements for a Business Loan

Internal Use Financial Statements

Partial Presentations

Review Questions and Suggested Solutions

 

Section 5 - Reporting on Pro Forma Financial Information

Management’s Discussion and Analysis

An Examination of an Entity’s Internal Control Over Financial Reporting- SSAE No. 15

Reporting on Controls at a Service Organization- SSAE No. 16

Review Questions and Suggested Solutions

 

Glossary

Auditing Course 757 Home: https://www.cpethink.com/auditing-cpa-courses
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