Preparation vs. Compilation: What Is It? (Completed)

Date: Tuesday, March 19, 2019
Instructor: Pat Patterson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

This course is about the new preparation, compilation, and review professional standards, which represent significant changes in authoritative professional standards like SSARS 21, SSARS 22, SSARS 23, and SSARS 24. Engagement Letters, Reports (or lack thereof), Disclosures, Documentation, and Ethical considerations from the newly Revised AICPA Code of Professional 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 2016, 2017, and 2018 including SSARS 21, SSARS 22, SSARS 23, and SSARS 24
  • Issues about Preparation engagements, Compilation engagements, and Review engagements
  • New issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21, 22, 23, and 24
  • A selected look at documentation standards which will be reviewed for changes required by new preparation, compilation and review standards plus documentation outside of SSARS 21 through 24 for all engagements
  • The AICPA's Revised Code of Professional Conduct - 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
  • Any other matters deemed appropriate and timely

Learning Objectives

  • Identify the changes in preparation, compilation, and review standards for SSARS 21, 22, 23, and 24
  • Recognize and apply the new issues about Preparation of Financial Statements, Compilations, and Reviews
  • Describe the issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21 and earlier SSARSs
  • Recognize and apply documentation standards which will be reviewed for changes required by new preparation, compilation and review standards plus documentation outside of SSARS 21 for all engagements

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Basic understanding of preparation and compilation.

Advance Preparation
None

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