Compilation & Review in the Red Zone
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
Learn about the changes to the compilation and review professional standards with the release of SSARS 21. Covers new issues in Compilation and Review engagement letters and review representation letters specified in SSARS 21 and earlier SSARSs.
Publication Date: August 2018
Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course on compilation and review.
Topics Covered
- New compilation and review standards for 2015, including SSARS 21
- New issues in Compilation and Review engagement letters and review representation letters specified in SSARS 21 and earlier SSARSs
- An advanced look at documentation standards will be reviewed for changes required by new preparation, compilation and review standards
- Updates on previously issued standards that may still apply and their involvement with SSARS 21
- Status of IASB and International Financial Reporting Standards status as applies to compilation and review engagements
- Further updates that impact on compilation and review engagements that include: new Quality Control Standards (SQCS8) and its requirements;
- Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications specifically dealing with compilation and review issues
- Any other matters deemed appropriate and timely
Learning Objectives
- Identify the updates of the new compilation and review standards in SSARS 21 for 2015
- Recognize the selected revised professional compilation and review standards that still apply from earlier years
- Differentiate references between preparation and compilation
- Identify the procedures in a compilation report
- Recognize what to avoid when writing an engagement letter
- Identify requirements in the AICPA Peer Review Program
- Recognize basis of accounting methods used for various accounting practices
- Recognize under which circumstances an accountant should withdraw from a compilation engagement
- Identify which items should be included in the documentation of a compilation report
- Differentiate AR-C sections
- Describe SSARS 21 and how it applies to financial statements
- Identify the requirements for an engagement letter for financial statement preparation
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Basic knowledge of Compilation and Review.
Advance Preparation
None
