Preparation vs. Compilation: What Is It?

Author: Pat Patterson

This course is about the preparation, compilation, and review of professional standards, which represent significant changes in authoritative professional standards like SSARS 21, SSARS 22, SSARS 23, SSARS 24, SSARS 25 and SSARS 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 discussed.

Publication Date: February 2023

Designed For
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 preparation, compilation, and review standards for 2016 through 2023 including SSARS 21, SSARS 22, SSARS 23, SSARS 24, SSARS 25, and SSARS 26
• Issues about Preparation engagements, Compilation engagements, and Review engagements
• Current issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21, 22, 23, 24, 25, and 26
• 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 26 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, 24. 25, and 26
• Recognize and apply the current 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 26 and earlier SSARSs
• Recognize documentation standards which will be reviewed for changes required by new preparation, compilation, and 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/nonattest applications specifically dealing with preparation, compilation, and review issues

Level
Intermediate

Instructional Method
Self-Study

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

Program Prerequisites
General understanding of SSARS requirements.

Advance Preparation
None