Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 178 ||| Word Count: 70,722 ||| Review Questions: 65 ||| Final Exam Questions: 60 |
CPE Credits : | 12.0 |
IRS Credits : | 0 |
Price : | $103.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - NASBA Registry |
Technical Designation: | Technical |
Primary Subject-Field Of Study: | Auditing - Auditing for Course Id 1651 |
Description : | The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by SSARS No. 21 as amended by SSARS No. 22, Compilation of Pro Forma Financial Information, 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, SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions, and SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services. 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 : | 18125 |
Release : | 2024 |
Version : | 1.0 |
Prerequisites : | General understanding of compilation and review standards. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Accounting Standard Definition: How It Works
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 26-Apr-2024 |
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 - NASBA Registry - 1651 |
Keywords : | Auditing, Compilation, Review, Standards, SSARS, Nos, 21-26, cpe, cpa, online course |
Learning Objectives : |
Section I & Section II
Section III
Section IV
Section V
Section VI & Section VII
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Course Contents : | Section I - Overview of the New Standards A. Issued B. Effective Date C. Objective D. Background Section II - AR-C Section 60- General Principles for SSARSs A. Introduction B. Key Changes Made in AR-C 60 C. Definitions D. Requirements for Performing SSARS Engagements Review Questions Section III - AR-C Section 70- Preparation of Financial Statements A. Effective Date B. Introduction C. Scope of AR-C 70 D. Definitions E. Summary of a Preparation of Financial Statements Engagement F. General Rules -Preparation Engagement Under AR-C 70 G. Specific Rules for Preparing Financial Statements per AR-C 70 H. Documentation in a Preparation Engagement I. Engagement Letter- Preparation of Financial Statements Engagement J. Exhibit —Illustrative Engagement Letters - Preparation Engagement K. Illustrative Financial Statements -AR-C 70 L. Preparation of Personal Financial Statements Review Questions Section IV - 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. Performing a Preparation Engagement at Interim- Independence Issues I. Entity’s Financial Reporting Framework-Compilation Engagement J. Compilation Procedures K. The Accountant’s Compilation Report L. Elimination of Management-Use Only Financial Statements M. Examples of the Accountant’s Compilation Reports on Financial Statements N. Documentation in a Compilation Engagement O. Change from an Audit or Review Engagement to a Compilation Engagement P. Compilation of Personal Financial Statements Review Questions Section V - AR-C Section 90: Review of Financial Statements A. Introduction B. Scope of AR-C 90- Review Engagements C. Effective Date D. Objective E. Definitions F. Requirements for Performing a Review Engagement Under AR-C 90 G. Illustrative Engagement Letters H. Communication with Management and Those Charged with Governance I. Understanding of the Industry J. Knowledge of the Entity K. Designing and Performing Review Procedures L. Materiality in a Review Engagement (NEW per SSARS No. 25) M. Analytical Procedures N. Inquiries of Management (NEW per SSARS No. 25) O. Reading the Financial Statements P. Related Party Transactions Q. Using the Work of Others and Other Accountants R. Additional Procedures When the Accountant Becomes Aware That the Financial Statements May Be Materially Misstated (NEW per SSARS No. 25) S. Reconciling the Financial Statements to the Underlying Accounting Records T. Evaluating Review Evidence Obtained from the Procedures Performed U. Written Representations in a Review Engagement Review Questions V. Reporting on the Financial Statements W. Going Concern in a Review Engagement X. Fraud and Noncompliance With Laws or Regulations Y. Review Documentation Review Questions Section VI - SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services A. General B. Overview of SSARS No. 26 C. SSARS No. 26 Amendments to AR-C 60 of SSARS No. 21: D. Changes made to AR-C 60 regarding Quality Management of a SSARS Engagement E. SSARS No. 26 Amendments to AR-C 70 - Preparation of Financial Statements F. SSARS No. 26 Amendments to AR-C 80 - Compilation Engagements G. SSARS No. 26 Amendments to AR-C 90 - Review of Financial Statements H. SSARS No. 26 Amendment to AR-C 90 - Review of Financial Statements- Engagement Letter Review Questions Section VII - AR-C Section- Special Considerations—International Reporting Issues Review Questions Glossary |