Professional Standards for Preparation and Compilation Engagements (Completed)

This course is about the professional standards, which represent significant changes in authoritative professional standards like SSARS 21, thru 26. 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 managed. Any other matters considered proper and timely.

Who Should Attend
Professionals in public practice, industry, government, not-for-profits, and education who deal with nonpublic entities and need a course in new preparation engagements and procedures.

Topics Covered

• New preparation and compilation engagement standards including SSARS 21 thru SSARS 26 and Quality Management Standards
• Issues about Preparation engagements and new issues in Preparation engagement letters
• A selected look at documentation standards which will be reviewed for changes required by new standards
• 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 engagements
• Updates on preparation engagements and OCBOA issues
• Any other matters considered proper and timely

Learning Objectives

• Follow the changes in Preparation and Compilation standards for SSARS 21 thru SSARS 26
• Understand the new issues about Preparation and Compilation of Financial Statements including NOCLAR
• Follow the issues in Preparation and Compilation engagement letters specified in SSARS 26 and earlier SSARSs!
• Successfully follow documentation standards which will be reviewed for changes required by new standards plus documentation outside of SSARS 21 – 26
• Better understand the provisions of Ethics 1.295 for revisions and updates in attest/nonattest applications specifically dealing with preparation issues
• Better Understand the NOCLAR and Quality Management requirements for Preparation and Compilation engagements

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
General knowledge of SSARS

Advance Preparation
None