Preparation, Compilation, and Review: Q & A

Author: Pat Patterson

This course is about the new preparation, compilation, review AND audit 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 non attest issues are dealt with. Selected Independence and Ethics 1.295 concepts are managed.

Publication Date: September 2023

Designed For
Professional accountants in public accounting, in business, in NFPs, and have a need to be current updated on the latest professional standards.

Topics Covered

• Selected Issues in SAS and SSARS Standards
• Update of Preparation, Compilation, Review Standards
• Selected Issues about Engagement Letters, Report, Disclosures, Documentation, and Ethics
• New Issues in Quality Management Standards
• Other Matters Considered Important and Timely

Learning Objectives

• Recognize the differences between preparation, compilation, and review engagements
• Identify the importance of engagement letters in different types of engagements
• Recognize and be able to explain the differences in preparation, compilation, and review engagements
• Identify the type of misstatement where the severity or nature of the difference would cause a user to form an incorrect conclusion about a financial statement
• Identify the engagement that requires a CPA to perform verification and substantiation procedures

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic knowlege of SSARS.

Advance Preparation
None