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Course Details

The New Compilation and Review Standards - SSARS Nos. 21-23 (Course Id 753)

Updated / QAS / Registry   Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 10.0
IRS Credits : 0
Price : $99.95
Passing Score : 70%
Primary Subject-Field Of Study:

Auditing - Accounting and Auditing for Course Id 753

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. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016. 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.

Usage Rank : 0
Release : 2017
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 : 10-Jun-2017
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 - 753

Keywords : Auditing, New, Compilation, Review, Standards, SSARS, Nos, 21-23, cpe, cpa, online course
Learning Objectives :

Section I
Overview of the New Standards

&

Section II
AR-C Section 60- General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services

After reading the Sections I and II course material, you will be able to:
  • Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards
  • Identify engagement types that are and are not authorized under SSARS No. 21

Section III
AR-C Section 70- Preparation of Financial Statements

After reading the Section III course material, you will be able to:
  • Recall whether the new preparation of financial statements standard is an attest or nonattest service
  • Identify some of the preparation engagements that are subject to the AR-C 70 standards found in SSARS No. 21
  • Recognize the new term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
  • Recall whether a preparation engagement under AR-C 70 is subject to peer review
  • 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
  • Recognize an acceptable location to place the description of a special purpose framework in a preparation of financial statements engagement
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement
  • Recognize whether an accountant and his or her client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70

Section IV
AR-C Section 80- Compilation Engagement

After reading the Section IV course material, you will be able to:
  • Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
  • Identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
  • Identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
  • Recognize some of the changes made to the new compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
  • Recognize some of the documentation requirements in a compilation engagement
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement

Section V
AR-C Section 90- Review of Financial Statements

After reading the Section V course material, you will be able to:
  • Recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90 of SSARS No. 21
  • Identify requirements to be satisfied to perform a review engagement under AR-C 90
  • Identify the date as of which management representations should be made in a management representation letter for a review engagement
  • Recognize an appropriate title that can be used for a review report under new SSARS No. 21
  • Identify the order in which certain report paragraphs should be placed in the new review report
  • Recall the items that should be documented in a review engagement

Section VII
mplementation of SSARS No. 21

After reading the Section VI course material, you will be able to:
  • Recognize the effective dates of new SSARS No. 21 including early implementation options
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 Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services

A.  Introduction

B.  Key Changes Made in New AR-C 60

C.  Definitions

D.  Requirements for Performing SSARS Engagements

Review Questions and Suggested Solutions

 

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 in Applying a Preparation of Financial Statements 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 and Suggested Solutions

 

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. The Accountant’s Knowledge and Understanding of the Entity’s Financial Reporting Framework- Compilation Engagement

J.  Compilation Procedures

K.  The New 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 and Suggested Solutions

 

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.  Analytical Procedures

M.  Inquiries of Members of Management Who Have Responsibility for Financial and Accounting Matters

N.  Reading the Financial Statements

O.  Using the Work of Other Accountants

P.  Reconciling the Financial Statements to the Underlying Accounting Records

Q.  Evaluating Evidence Obtained from the Procedures Performed

R.  Materiality

S.  Written Representations in a Review Engagement

T.   Reporting on the Financial Statements

U.  Review Documentation

Review Questions and Suggested Solutions

 

Section VI - Implementation of SSARS No. 21

Glossary

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