By providing essential information to help train staff and manage preparation, compilation, and review engagements, this course will help participants comply with the professional standards surrounding engagements performed in accordance with Statements on Standards for Accounting and Review Services (SSARSs). This course explores the latest developments and case studies through a practice-oriented review that fosters an engaging and informative discussion among experienced participants. This practical approach enhances the learning experience, making the course educational and applicable.
Learning Objectives
When you complete this course, you will be able to:
- Identify the types of engagements that require a report on the financial statements.
- Recognize the hierarchy of guidance that applies to preparation, compilation, and review engagements.
- Recall the accountant’s responsibility for going-concern issues, subsequent events, and minimizing fraud-related risk.
- Recall the requirements of various SSARSs, including SSARS No. 27, SSARS No. 26., SSARS No. 25., SSARS No. 24, SSARS No. 23, and SSARS No. 22.
- Identify the framework, objectives, and performance and documentation requirements of preparation, compilation, and review engagements.
- Recognize the effects of a change in level of service from an audit to a review.
- Recall the reporting guidance for issuing modified conclusions in review engagements.
- Recognize the different types of special purpose frameworks and common titles used in preparing special purpose framework financial statements.
- Identify some of the more common peer review findings in compilation and review engagements.
- Recall basic elements of some recently issued accounting standards.
- Identify recently issued quality management standards.
- Recognize current independence and ethics issues.
- Identify current issues identified by the Accounting and Review Services Committee.
Major Topics
- Preparation engagements
- Compilation engagements
- Review engagements
- Statement on Standards for Accounting and Review Services, including SSARS No. 27, SSARS No. 26., SSARS No. 25., SSARS No. 24, SSARS No. 22, SSARS No. 23.
- Engagement administration issues
- Special purpose framework financial statement issues
- Current accounting and reporting issues
- What's on the horizon
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