Compilation, Review, and Preparation: Practice Issues (Completed)

The objective of this session is to inform participant of the various changes made to the compilation and review standards by the AICPA’s Accounting and Review Services Committee (ARSC), and to address practice issues related to compilation, review and preparation engagements.

Who Should Attend
Experienced practitioners who are seeking to improve their technical knowledge of the issues affecting their compilation, review and preparation engagement practices.

Topics Covered

• Key practice issues relating to the three types of engagements that can be performed under the SSARS Standards
• Discussion of an accountant's responsibility for fraud
• Internal control and going concern
• Management representation letters
• Legends on financial statements
• Accountant's liability
• Engagement efficiencies

Learning Objectives

• Identify unconditional requirements and presumptively mandatory requirements in SSARS
• Identify documentation requirements for a compilation, review and engagement preparation engagement
• Describe compilation and review reports for basic reporting situations
• Identify resources available to CPAs
• Identify when the AICPA Quality Control Standards apply to an attest practice
• Describe the nature of an engagement quality control review (EQCR) and identify that a firm should define the criteria of whether to include SSARS reviews, compilations and preparation engagements
• Recognize the impact on your next peer review and how it will affect your quality control system.

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None