Preparation vs. Compilation: What Is It? (Completed)

Learn about the preparation, compilation, and review professional standards, which represent significant changes in authoritative professional standards like SSARS 21. Engagement Letters, Reports, Disclosures, Documentation, and Ethical considerations from the newly Revised Code of Professional Conduct are explained, discussed, and examples are given for illustrations. Selected Attest vs nonattest issues are dealt with. Selected Independence and Ethics 1.295 concepts are handled.

Who Should Attend
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in preparation, compilation and review engagements and procedures.

Topics Covered

• New compilation and review standards for 2016 and 2017, including SSARS 21
• New issues about Preparation of Financial Statements, Compilations, and Reviews
• New issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21 and earlier SSARSs
• A selected look at documentation standards which will be reviewed for changes required by new preparation, compilation and review standards plus documentation outside of SSARS 21 for all engagements
• Ethics 1.295 will be explored for revisions and updates in attest/nonattest applications specifically dealing with preparation, compilation and review issues
• Updates on OCBOA issues
• Any other matters deemed appropriate and timely

Learning Objectives

• Recognize and apply the new preparation vs. compilation standards in SSARS 21 for 2018
• Differentiate selected revised professional preparation, compilation and review standards that still apply from earlier years including the preparation of personal financial statements and other comprehensive basis of accounting (OCBOA)
• Identify impacts of the Revised Code of Professional Conduct on preparation, compilation, and review engagements are explored

Level
Intermediate

Instructional Method
Group: Internet-based

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

Program Prerequisites
Basic understanding of preparation and compilation.

Advance Preparation
None