2017 Practice Issues — Compilation and Review Update Modules I and II
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. 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. 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.
With this 20-hour course you will:
- Get a 464-page PDF manual
- Identify some of the changes made to SSARS No. 21 that are carried over from auditing standards
- Recognize engagement types that are and are not part of SSARS No. 21
- Recognize the accountant's responsibility for reporting fraud in compilation and review engagements
- Identify factors that may or may not suggest there is a potential going concern problem in a compilation or review engagement
- Recognize some of the general rules for tax-basis financial statements
- Identify the options available to report on supplementary information in a compilation or review engagement
- Identify when a management representation letter is required and some general rules pertaining to such letters
- Identify a prescribed form and the 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 the general rules to maintain independence when an accountant performs nonattest services for an attest client
- Recognize the privity standard as it relates to the accountant's liability to third parties
Course level: Overview
General understanding of U.S. GAAP is required.
A CPA who is subject to the 24-hour A&A CPE requirement must also take a 4-hour fraud class each licensing period — beginning with the January 1, 2014, license renewal period.
Want to order by phone? Call us at: (714) 776-7850
Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 20 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Auditing. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. Prerequisite: General understanding of U.S. GAAP.
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