Compilation, Review, and Preparation: Preparation Engagements (Completed)

This session will address the key requirements in performing preparation engagement services under the AICPA’s Statements on Standards for Accounting and Review Services (SSARS) - AR-C Section 70.

Who Should Attend
Professionals in public practice, industry, government, and education who deal with non-public entities.

Topics Covered

• Brief overview and background on Preparation Engagements under AR-C Section 70
• SSARS Standards 22 and 23
• What triggers a preparation engagement as compared to a compilation engagement?
• What impact do preparation engagement have on your next AICPA Peer Review?

Learning Objectives

• Recognize how to properly draft an engagement letter for a preparation engagement
• Recognize how to properly document your procedures in the workpapers for preparation engagements
• Evaluate and communicate to management the requirements of standards for preparation engagements
• Identify an area where the requirements for compilation and preparation engagements are aligned as well as the differences
• 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

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None