COVID-19: Accountant's Compilation Engagements (Completed)

Date: Friday, July 10, 2020
Instructor: Pat Patterson
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

This course explains the varied and unusual details of Special Purpose Financial Statements and statements using Generally Accepted Accounting Principles (GAAP) that impact the SSARS Principles with Compilations for privately held entities during the global pandemic.

Who Should Attend
CPAs in public practice, professionals in business, industry, and other accounting professionals working in the accounting and financial statement preparation areas under the COVID-19 threats. In addition, the AICPA’s Code of Professional Conduct (as revised) is also important to understand as it relates to independence, documentation, and form and content of financial statements.

Topics Covered

  • Required disclosures for compilations including omission of all disclosures and selected disclosures
  • Related party issues in small closely held entities
  • How the differences involving going concern issues impact the compilation engagements
  • What is the Liquidation Basis of Accounting in compilation engagements?
  • How Compilation Engagement are impacted by Revenue Recognition, Leases, Ethics, and financial Instruments and the use of OCBOA during a pandemic
  • Compilation engagement letters
  • Is a compilation engagement different than a preparation engagement?

Learning Objectives

  • Identify the SSARS standards and various basis of accounting in engagements that are available to a small, privately held entity in the time of a global pandemic
  • Describe the mechanics of providing compiled financial statements to an entity depending on the type of entity, and management requirements
  • Recognize the procedures that accountants may use concerning revenue, estimates, concentrations, and subsequent events for a compilation engagement
  • Identify and explain the vulnerabilities of a small, closely held, private entity

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic understanding of accounting and Compilation Standards using GAAP, Other Special Purpose Financial Standards, and Ethics.

Advance Preparation
None

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