Nonattest Services for an Attest Client

Author: Pat Patterson

Review any old and new requirements of revised AICPA’s Code of Professional Conduct for Section 1.295 (formerly Interpretation 101-3). Special consideration given to those requirements for nonattest services that apply to Preparation, Compilation and Review and Audit engagements. Learn about any new requirements from the Accounting and Review Services Committee that is required to be implemented in 2016 and 2017 for preparation, compilation, and review engagements.

Publication Date: March 2018

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities.

Topics Covered

• New preparation, compilation, review, and audit standards for 2017 that are concerned with nonattest services for attest engagements
• New issues in preparation, compilation, and review engagement letters and review representation letters specified in SSARS 21
• Documentation standards will be reviewed for any changes required by new SSARS 21 standards
• Updates on previously issued standards for documentation that may still apply and their involvement with attest engagements in 2017
• The revised requirements of Ethics 1.295 (formerly Ethics Interpretation 101-3) will be explored for revisions and updates in nonattest services for attest clients that specifically deal with preparation, compilation, review and audit issues

Learning Objectives

• Identify how to complete engagement letters for preparation, compilation, and review engagements
• Recognize how to properly document issues for preparation, compilation, review, and audit engagements
• Describe complete accounting reports for the new standards
• Evaluate and communicate to management the new requirements of "going concerns" standards from the FASB
• Recognize when performing an attest engagement it would be considered performance of a separate, nonattest service
• Identify when a member is in violation of the "independence rule"
• Recognize what increases the chance of impairing independence
• Describe what the individual designated to oversee the nonattest services performed by the member must do
• Differentiate members responsibilities to comply with documentation requirements
• Recognize situations where a member's independence is likely to be impaired
• Describe who is included in an attest engagements team
• Differentiate management responsibilities
• Recognize what impairs a members independence
• Identify when the documentation requirement applies
• Recognize what the member should do in the absence of an interpretation of the independence rule
• Describe threats to independence which can usually be brought to an acceptable level

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
General knowledge of generally accepted accounting principles and attest engagement standards.

Advance Preparation
None