Preparation Engagements for Financial Statements (Completed)

Learn about the new 2017 and 2018 preparation, compilation, and review professional standards, which represent significant changes in authoritative professional standards like SSARS 21, SSARS 22, and SSARS 23. Engagement Letters, Reports, Disclosures, Documentation, and Ethical considerstions from the newly Revised Code of Porfessional 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 2017 and 2018, including SSARS 21, 22, and 23
• New issues about Preparation of Financial Statements
• New issues in Preparation vs Compilation, and engagement letters specified in SSARS 21, 22, and 23
• A selected look at documentation standards which will be reviewed for changes required by new preparation, compilation and review 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

Learning Objectives

• Recognize updates on the new preparation vs. compilation standards in SSARS 21, SSARS 22, and SSARS 23 for 2018
• Identify 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)
• Differentiate 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 financial statements.

Advance Preparation
None