Review, Compilation & Preparation: The Differences?
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, thru 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. This includes NOCLAR. Selected attest vs nonattest issues are dealt with. Selected Independence and Ethics 1.295 concepts are managed.
Publication Date: July 2024
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
- Issues in SSARS AND SSAES
- Update of Preparation, Compilation, Review, and also Attestation Standards
- Issues about Ethics, Engagement Letters, Reports, Disclosures, and Documentation
- Related Quality Management Standards (QMS)
- Other matters considered important and timely
Learning Objectives
- Identify the changes in preparation, compilation, and review standards for SSARS 21 thru SSARS 26
- Identify the new issues about Preparation of Financial Statements, Compilations, and Reviews
- Identify the issues in Preparation, Compilation, Review and Audit 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, and audit standards plus documentation outside of SSARS 21 – 26 and auditing standards 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
- Identify Quality Management standards
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
General understanding of SSARS requirements
Advance Preparation
None
