Author : | Steven C Fustolo, CPA, MBA |
Status : | Production |
CPE Credits : | 20.0 |
IRS Credits : | 0 |
Price : | $129.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
Primary Subject-Field Of Study: | Auditing - Auditing for Course Id 760 |
Description : | The objective of this course is to inform the reader of the various changes made to the compilation and review standards by the AICPA’s Accounting and Review Services Committee (ARSC), and to address practice issues related to compilation and review engagements. Chapter I of this course consists of an overview of SSARS No. 21, as amended by SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services- 2018. The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement. The course also discusses SSARS No. 22, Compilation of Pro Forma Financial Information. Chapter II consists of practice issues in compilation and review engagements. Topics include a discussion of an accountant’s responsibility for fraud, internal control and going concern, representation letters for review engagements, personal financial statements, tax-basis financial statements, legends on financial statements, accountant’s liability in compilation and review engagements, saving time in engagements, and more. The focus of the course is to identify, recognize and recall the rules pertaining to various pronouncements, including those related to recent developments. |
Usage Rank : | 0 |
Release : | 2020 |
Version : | 1.0 |
Prerequisites : | General understanding of compilation and review standards. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Practice Issues Compilation and Review Update Global CPE
|
Advance Preparation : | None. |
Delivery Method : | Self-Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 21-Dec-2019 |
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 - Text - Technical - NASBA Registry - 760 |
Keywords : | Auditing, Practice, Issues, Compilation, Review, Update, [Including, SSARS, Nos., 21-23], v10, cpe, cpa, online course |
Learning Objectives : |
Chapter I
Chapter II
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Course Contents : | Chapter I - SSARS No. 21-24: The Compilation and Review Standards A. Issued B. Effective Date C. Objective D. Background AR-C Section 60- General Principles for SSARSs A. Introduction B. Key Changes Made in AR-C 60 C. Requirements for Performing SSARS Engagements Review Questions AR-C Section 70- Preparation of Financial Statements A. Effective Date B. Introduction C. Scope of AR-C 70 D. Summary of a Preparation of Financial Statements Engagement E. General Rules-Preparation of Financial Statements Engagement Under AR-C 70 F. Specific Rules for Preparing Financial Statements per AR-C 70 G. Documentation in a Preparation Engagement H. Engagement Letter- Preparation of Financial Statements Engagement I. Illustrative Financial Statements- AR-C 70 Review Questions AR-C Section 80- Compilation Engagements A. Introduction B. Effective Date C. Scope of AR-C 80- Compilation Engagements D. Objective of a Compilation Engagement E. Definitions F. Requirements- Compilation Engagements- AR-C 80 G. Engagement Letter- Compilation H. Understanding of the Entity’s Financial Reporting Framework- Compilation Engagement I. Compilation Procedures J. The Accountant’s Compilation Report K. Elimination of Management-Use Only Financial Statements L. Examples of the Accountant’s Compilation Reports on Financial Statements M. Documentation in a Compilation Engagement N. Change from an Audit or Review Engagement to a Compilation Engagement Review Questions AR-C Section 90: Review of Financial Statements A. Introduction B. Effective Date C. Scope of AR-C 90- Review Engagements D. Objective E. Requirements for Performing a Review Engagement Under AR-C 90 F. Engagement Letter- Review Engagement G. Communication with Management and Those Charged with Governance H. Understanding of the Industry I. Knowledge of the Entity J. Designing and Performing Review Procedures K. Analytical Procedures L. Inquiries of Members of Management M. Reading the Financial Statements N. Using the Work of Other Accountants O. Reconciling the Financial Statements to the Underlying Accounting Records P. Evaluating Evidence Obtained from the Procedures Performed Q. Materiality R. Written Representations in a Review Engagement S. Reporting on Reviewed Financial Statements T. Review Documentation AR-C Section- Special Considerations—International Reporting Issues Review Questions Chapter II - Practice Issues - Part 1 A. Controllers Issuing Financial Statements B. Distributing Draft Financial Statements C. Consideration of Fraud in a Compilation and Review Engagement D. Analytical Procedures in a Review Engagement E. Using Staff in a Compilation or Review Engagement F. Titles on Compilation and Review Reports- SSARS No. 21 G. Legends on Compiled or Reviewed Financial Statements H. Going Concern: Compilation and Review Engagements I. Responsibility for Incomplete Information- Compilation Engagement Review Questions J. Using Tax-Basis Financial Statements for Engagement Profitability K. Miscellaneous Practice Issues L. Communications Between Predecessor and Successor Accountants M. Selected Information- Substantially All Disclosures Required by Accounting Principles Generally Accepted in the United States of America Are Not Included N. Gathering Review Evidence Under SSARS No. 21 Review Questions O. Responsibility for Materiality in a Compilation and Review Engagement P. Restricting the Use of an Accountant’s Compilation or Review Report Q. Reporting of Specified Elements, Accounts, or Items of a Financial Statement R. Management Representation Letter- Review Engagement S. Applicability of Auditing Standards to the SSARSs T. Reconciling the Financial Statements to the Underlying Accounting Records Review Questions Chapter II - Practice Issues - Part 2 A. Personal Financial Statements and Prescribed Forms B. Financial Statements Submitted Electronically Review Questions C. Peer Review Standards D. GAAP Hierarchy: Compilation and Review Review Questions E. Simplifying the Reporting Process F. Squeezing the Heck Out of a Review Engagement: The 25-Hour Review G. Designing Effective Engagement Letters H. Liability to Accountants Who Perform Bookkeeping Services I. Risk of Open-Ended and Multi-Year Engagement Letters J. Avoid Being Sued and Increase Billing-The Likeability and Communication Factors K. Definition of a Financial Statement Versus Trial Balance L. Reporting on a Tax Return M. Emphasis-of-Matter and Other-Matter Paragraphs in a Compilation Report on Financial Statements That Omit Substantially All Disclosures Review Questions N. Ethics and Independence Rule Changes O. Responsibility to Third Parties: The Privity Standard P. Providing Records to a “Dead-Beat” Client Q. Number of Days Test on Trade Receivables Review Questions Glossary |