The Compilation and Review Standards 2021: SSARS Nos. 21-25 (ebook)

  • Credits: 12
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-322.S None Overview
Published Date: Program Prerequisites: Other Course Formats:
© January 2021 Basic Understanding of Auditing eBook
COURSE 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 The course also discusses SSARS No. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services- 2018, and SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions.

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.

Learning Objectives:

After reading the course material, you will be able to:

  • Recall whether the preparation of financial statements standard is an attest or non-attest service.
  • Recognize the 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 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.
  • Recognize an acceptable location in which to place the description of a special purpose framework in the preparation of financial statement engagement.
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement.
  • Recognize whether an accountant and a client must sign an engagement letter for preparation of financial statements engagement under AR-C 70.
  • 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 non-attest service for an attested 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 compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others.
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement.

 

Who Should Attend:
  • All Certified Public Accountants (CPAs)

 

Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s:
NASBA