|Course ID:||Advanced Preparation:||Experience Level:|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© January 2021||General understanding of compilation and review standards||Self-Study eBook|
The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by the issuance of SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions, include changes made to AR-C 60- General Principles, AR-C 70- Preparation of Financial Statements, AR-C 80- Compilation Engagements, and AR-C 90- Review of Financial Statements.
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.
- Expanding the use of the disclaimer report in a preparation engagement.
- Changes involving the reporting on the contractual basis of accounting.
- New requirements to define materiality in a review engagement.
- Expanded inquiries and management representations in a review engagement.
- The new modified conclusions.
- Guidance ongoing concern in a review engagement.
After reading the course material, you will be able to:
- Identify engagement types that are (and are not) authorized under the SSARSs.
- Recognize a precondition for an accountant to accept an SSARS engagement.
- Identify what is required for an accountant to perform a preparation engagement.
- Recall whether the preparation of financial statements standard is an attest or non-attest service.
- Recognize whether an accountant and a client must sign an engagement letter for preparation of financial statements engagement under AR-C 70.
- Identify whether a report is required in the 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.
- Identify where to disclose GAAP departures in a preparation of financial statements engagement.
Who Should Attend:
- All Certified Public Accountants (CPAs)