2014 Practice Issues: Compilation & Review Update (Currently Unavailable)

Author: Steven C. Fustolo

CPE Credit:  20 hours for CPAs

The purpose of this course is to inform the reader of the various changes proposed by the Accounting and Review Services Committee of the AICPA and practice issues surrounding compilation and review engagements. This course changes in SSARS Nos. 9 through 19, and responsibility for fraud, internal control and going concern, representation letters for reviews, personal financial statements, using staff, compiling pro forma financial information, OCBOA financial statements, legends on financial statements, and more.

Number of Pages: 499

Publication Date: March 2014

Designed For
Practicing CPAs and CPAs responsible for accounting, financial reporting, and performing compilations and reviews

Topics Covered

  • SSARS No. 9-19
  • Ethics rules to controllers who seek to issue financial statements
  • Eliminate references to auditing literature found in the SSARSs
  • Identify provisions to incorporate into engagement letters to protect the accountant against liability claims

Learning Objectives

  • Recall the general rules for performing a compilation and review engagement found in SSARS No. 19
  • Identify the reporting options for controllers who seek to issue financial statements
  • Recognize the accountant's responsibility for fraud in compilation and review engagements
  • Identify factors that could suggest there is a going concern problem, and the CPA's responsibility for going concern in a compilation or review engagement
  • Identify the general rules for using income tax basis (OCBOA) financial statements
  • Identify the options available to report on supplementary information in a compilation or review engagement
  • Identify some of the types of engagements for which a management representation letter is required
  • Identify a prescribed form and the reporting options for reporting on personal financial statements
  • Recognize some of the recurring deficiencies noted in peer reviews
  • Identify examples of simpler reporting options to full GAAP financial statements
  • Identify provisions to incorporate into engagement letters to protect the accountant against liability claims
  • Recognize when an accountant who performs non-attest services for an attest client impairs his or her independence
  • Recognize the privity standard as it relates to the accountant's liability to third parties

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Auditing (20 hours)

Program Prerequisites
Basic knowledge of compilation and review

Advance Preparation
None

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