CPE Online Course Detail


Auditing: Compilation and Review Updates

Price :   $109.95
CPE Credits :   20.0
Course Code :   A016-0257
Category :   Accounting and Auditing
  

Description:
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 newly issued SSARS No. 21 including the three types of engagements that can be performed under SSARS No. 21: a preparation of financial statements engagement, a compilation engagement, and a review engagement.
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


Level: Overview


Prerequisites: None


Advanced Preparation: None


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Author: Steven C. Fustolo


Category: Accounting and Auditing


Field of Study: Auditing


Passing Score: 70%


Publication Date: 02/17/2016


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Objectives:
Section 1:
1. Identify some of the changes made to SSARS No. 21 that are 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

Section 2
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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NASBA: Yes


QAS: Yes


CPA: Suitable for all CPAs


IRS: Enrolled Agents Program Number




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