Introduction to Preparation Engagements (Currently Unavailable)

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

Expert CPA, Pat Patterson, will review the new SSARS Pronouncements (SSARS 21, 22, and 23). Special consideration will be given to those pronouncements that apply to Preparation Engagements. Pat will also cover the new SSARS Pronouncements from the Accounting and Review Services Committee that is required to be implemented in 2016 and 2017 for preparation engagements. These changes represent the most significant changes to these standards in over 30 years. This course will also review pertinent and specially selected standards from earlier years.

Publication Date: August 2017

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

Topics Covered

  • Brief review of processional financial standards
  • Background on Preparation Engagements
  • Review of SSARS 21 Section 70 for Preparation Engagements
  • SSARS Standards 22 and 23
  • How do we get to a Preparation?
  • What about Peer Review and Preparations?

Learning Objectives

  • Identify how to complete engagement letters for preparation engagements
  • Recognize document issues for preparation engagements
  • Differentiate complete disclosures for preparation engagements for the new standards
  • Evaluate and communicate to management the new requirements of standards for preparation engagements
  • Identify an area where the requirements for compilation and preparation engagements are aligned
  • Recognize proper AR-C sections with respect to SSARS
  • Identify responsibilities of management for an entity of a preparation engagement
  • Differentiate correct statements and requirements with respect to SSARS No. 22
  • Identify key changes made based on the issuance of SSARS No.23
  • Recognize financial statement effective due dates
  • Identify an area where the requirements for compilation and preparation engagements are inconsistent
  • Differentiate circumstances where SSARS No.21 requirement could apply
  • Recognize which SSARS was issued in September 2016 prescribing prescribes the requirements with respect to a compilation of pro forma financial information

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Participants should have a general knowledge of generally accepted accounting principles and SSARS standards.

Advance Preparation
None

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