Practice Issues — Compilation and Review Update Modules I and II (2021)


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SKU: 2021-practice-issues-compilation-and-review-update-modules-i-and-ii Categories: ,

Practice Issues — Compilation and Review Update Modules I and II (2021)

Author: Steven C. Fustolo, CPA

Electronic version only

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 476-page PDF manual
  • 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
  • Recognize engagement types that are and are
    not part of SSARS No. 21
  • Recall whether the preparation of financial statements standard is an attest or nonattest service
  • Recall what must happen for an accountant to perform a preparation of financial statements engagement
  • Recall whether a preparation engagement under AR-C 70 is subject to peer review
  • Identify whether a report is required in a preparation of financial statements engagement under
    AR-C 70
  • 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
  • Recognize the privity standard as it relates to the accountant’s liability to third parties
  • Identify the reporting options for controllers who seek to issue financial statements
  • Recognize the accountant’s responsibility for reporting fraud in compilation and review
  • Identify the period of time that defines “reasonable period of time” in going concern
  • Identify factors that may or may not suggest there is a potential going-concern problem in a compilation or review engagement
  • Recognize the threshold to evaluate an Altman Z Score
  • Identify an example of a deferred M-1 that is eliminated by tax-basis financial statements
  • 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
Designation CPE Hours
CPA 20 Auditing

Course level: Overview
General understanding of U.S. GAAP is required.

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: 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.

Spidell Hours

Auditing 20


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