Professional Standards for Preparation and Compilation Engagements

Author: Pat Patterson

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.

Publication Date: September 2024

Designed For
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

• What are "Levels of Authority" for Preparation and Compilation Engagements?
• What is an "Attest Engagement" and does it apply to Preparatoin and Compilation Engagements?
• Requirements for non-attest work when engaged to perform an attest function
• What about NOCLAR?

Learning Objectives

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

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
General knowledge of SSARS

Advance Preparation
None