Home
0
Home
Use Landscape to see Search/Filter
Item Types:
Field of Study:
Authors:
CPE Hours:
Keyword:
Course Details

SSARS No. 25 - Materiality in a Review of Financial Statements and Adverse Conclusions (Course Id 1644)

New / QAS / Registry   Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 4.0
IRS Credits : 0
Price : $35.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1644

Description :

The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by the issuance of SSARS No. 25,  Materiality in a Review of Financial Statements and Adverse Conclusions,  include changes made to AR-C 60- General Principles, AR-C 70- Preparation of Financial Statements, AR-C 80- Compilation Engagements, and AR-C 90- Review of Financial Statements.    Topics include expanding use of the disclaimer report in a preparation engagement, changes involving the reporting on the contractual basis of accounting,  new requirements to define materiality in a review engagement, expanded inquiries and management representations in a review engagement,  the new modified conclusions, guidance on going concern in a review engagement, and more.

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. 

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 :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 23-Apr-2020
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 - 1644

Keywords : Auditing, SSARS, No, 25, Materiality, Review, Financial, Statements, Adverse, Conclusions, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the Sections I through V course material, you will be able to:
  • Identify engagement types that are (and are not) authorized under the SSARSs
  • Recognize a precondition for an accountant to accept a SSARS engagement
  • Identify what is required for an accountant to perform a preparation engagement
  • Recall whether the preparation of financial statements standard is an attest or nonattest service
  • Recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement
After reading the Section VI course material, you will be able to:
  • Recognize actions an accountant should take under SSARS No. 25 when a compilation is performed on the contractual basis of accounting
After reading the Section VII course material, you will be able to:
  • Identify facts that the accountant should consider in determining materiality in a review engagement
  • Identify the date as of which management representations should be made in a management representation letter for a review engagement
  • Recognize a change that SSARS No. 25 makes to the accountantís review report
  • Recall language that SSARS No. 25 requires to be included in a review report on the contractual basis of accounting.
  • Identify the term that GAAP uses for managementís assessment of an entityís going concern
  • Recognize the reporting requirements for going concern in a review engagement
  • Recall some of the items that should be documented in a review engagement
Course Contents :

Chapter 1 - SSARS No. 25 - Materiality in a Review of Financial Statements and Adverse Conclusions

I.  Overview of SSARS No. 25

A.  Effective Date

B.  Objective

C.  Background

II.  Overview of Changes Made By SSARS No. 25

III.  AR-C Section 60- General Principles for SSARSs

IV.  SSARS No. 25 Changes to AR-C 60- General Principles

V.  SSARS No. 25 Changes to AR-C 70- Preparation of Financial Statements

Review Questions

VI.  SSARS No. 25 Changes to AR-C 80- Compilation Engagements

Review Questions

VII.  SSARS No. 25 Changes to AR-C 90: Review of Financial Statements

CHANGE 1:  New Definitions- Review Engagements

CHANGE 2:  Materiality in a Review Engagement

CHANGE 3:  Inquiries of Management

CHANGE 4:  Miscellaneous Review Procedures

CHANGE 5:  Additional Procedures When the Accountant Becomes Aware That the Financial Statements May Be Materially Misstated

CHANGE 6:  Written Representations in a Review Engagement

Review Questions

CHANGE 7:  Modifications to Review Engagement Reporting

CHANGE 8:   Going Concern in a Review Engagement

CHANGE 9:  Expanded Documentation in a Review Engagement

Review Questions

Glossary

CPE Auditing Course: https://www.cpethink.com/auditing-cpa-courses
Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
  
Exam completed on .

Do you want to add the course again?