Compilation, Review, and Preparation: Preparation Engagements (Currently Unavailable)
Author: Salvatore Collemi
| CPE Credit: |
2 hours for CPAs |
This on-demand course 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.
Publication Date: October 2019
Designed For
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
- Section AR”C 60
- Ethical Requirements
- Professional Judgment
- Conduct of an Engagement in Accordance With SSARS
- Engagement Level Quality Control
- Agreement with Management
- Potential Causes for Liability
- Financial Statement Preparation Engagements
- Requirements of AR”C Section 70
- Practice Issues and FAQs
- Common Reporting Deficiencies
- New Standards
- Resources and Tools
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
- Recognize what independence is required for under AR-C Section 60
- Identify when an accountant is required to follow section 70 of SSARS 21
- Describe preparation engagements
- Describe common reporting deficiencies
- Recognize true statements regarding SSARS No. 24
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
