Compilation, Review, and Preparation: Practice Issues
Author: Salvatore Collemi
| CPE Credit: |
2 hours for CPAs |
The objective of this on-demand course is to inform participant 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, review and preparation engagements.
Publication Date: October 2019
Designed For
Experienced practitioners who are seeking to improve their technical knowledge of the issues affecting their compilation, review and preparation engagement practices.
Topics Covered
- Introduction
- ARâ€C Section 60 — General Principles
- ARâ€C Section 70 — Preparation of Financial Statements
- ARâ€C Section 80 — Compilation Engagements
- ARâ€C Section 90 — Review of Financial Statements
- Practice Issues and FAQs
- Common Reporting Deficiencies
- Resources and Tools
Learning Objectives
- Identify unconditional requirements and presumptively mandatory requirements in SSARS
- Identify documentation requirements for a compilation, review, and engagement preparation engagement
- Describe compilation and review reports for basic reporting situations
- Identify resources available to CPAs
- Identify when the AICPA Quality Control Standards apply to an attest practice
- Describe the nature of an engagement quality control review (EQCR) and identify that a firm should define the criteria of whether to include SSARS reviews, compilations and preparation engagements
- Recognize the impact on your next peer review and how it will affect your quality control system
- Differentiate AR-C Sections and how they apply
- Identify elements of the engagement letter
- Describe analytical procedures
- Recognize and apply professional judgement
- Identify engagement quality control
- Describe when a practitioner should not accept an engagement
- Recognize examples of an inappropriate form of obvious material misstatements
- Describe Going Concern
- Identify a variety of factors that influence the effectiveness of an analytical procedures
- Recognize factors in determining the reliability of data
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
