Preparation, Compilation, and Review: What's The Difference?
Author: Pat Patterson
| 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, through 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. Also, information about new and issued standards considered timely and relevant.
Publication Date: March 2025
Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in preparation, compilation, review, and procedures.
Topics Covered
- Issues in SSARS and SSAES
- Update of Preparation, Compilation, and Review Standards (also Attestation)
- Issues about Ethics, Engagment Letters, Reports, Disclosures, Documentation, and QM
- Quality Management Standards (QM)
Learning Objectives
- Explain current issues about Preparation of Financial Statements, Compilation, and Review Engagements
- Identify the issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 26 and earlier SSARSs
- Identify documentation standards which will be reviewed for changes required by new preparation, compilation, review standards plus documentation outside of SSARS 21 – 26 for all engagements
- Identify the provisions of Ethics 1.295 for revisions and updates in attest/non attest applications specifically dealing with preparation, compilation, and review issues
- Identify the SQMS that addresses the appointment and eligibility of the EQ reviewer and the performance of EQ reviews
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
