The objective of this course is to inform the reader of the various changes made to the compilation and review standards by the AICPA's Accounting and Review Services Committee (ARSC), and to address practice issues related to compilation and review engagements.
Section I of this course consists of an overview of SSARS No. 21, as amended by SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016. The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement. The course also discusses SSARS No. 22, Compilation of Pro Forma Financial Information.
Section II consists of practice issues in compilation and review engagements. Topics include a discussion of an accountant's responsibility for fraud, internal control and going concern, representation letters for review engagements, personal financial statements, tax-basis financial statements, legends on financial statements, accountant's liability in compilation and review engagements, saving time in engagements, and more. The focus of the course is to identify, recognize and recall the rules pertaining to various pronouncements, including those related to recent developments.
Delivery Method: Online Interactive Self Study
Advanced Preparation: None
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Author: Steven C. Fustolo
Category: Accounting and Auditing
Field of Study: Auditing
Passing Score: 70%
Publication Date: 02/17/2017
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1. Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards
2. Recognize engagement types that are and are not part of SSARS No. 21
3. Recall whether the new preparation of financial statements standard is an attest or nonattest service
4. Recall what must happen for an accountant to perform a preparation of financial statements engagement
5. Recall whether a preparation engagement under AR-C 70 is subject to peer review
6. Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
7. Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
8. Identify where to disclose GAAP departures in a preparation of financial statements engagement
9. Recognize whether an accountant and his or her client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
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