Compilations & Reviews: A Practical Approach Self-Study Webinar (11 Hours)

Overview: 

Public accountants tasked with generating compilations and reviews need a systematic approach to generating these documents. This targeted, self-study webinar will focus on the key factors you need to consider when putting together a compilation or review. You will:

  • Gain an in-depth review of SSARS
  • Discuss “review evidence” and review procedures
  • Identify departures between GAAP and OCBOA
Objective: 

To provide CPAs with the confidence to generate compilations and reviews that are thorough enough to meet professional standards, efficient enough to complete in a timely manner and effective enough to avoid deficiencies.

Emphasis: 
  • SSARS 19 overhaul of compilations and reviews
  • SSARS 21 Clarity Project
  • Recent updates and interpretations, including SSARS 23
  • Limited assurance
  • Reviews: evidence, procedures and SSARS 20
  • Issues and disclosures regarding independence
  • Documentation, materiality and ethics
  • Other Financial Reporting Frameworks and comparison to GAAP, including treatment of departures
  • Comparative statements
  • Scope limitations and elimination of management-use-only statements
  • Changing accountants
  • Common peer review deficiencies
  • Association with financial statements
  • Preparation engagements
  • Compiling pro-forma or prospective financial information

Identify the consequences of not following the SSARS

Identify the compilation and review hierarchy

Recognize those professional services following under the SSARS that result in the issuance of a report

Recognize the applicability of an engagement letter in the context of an engagement subject to SSARS

Recognize those SSARS engagements in which control risk is assessed

Determine the date of the compilation report

Identify those engagements not requiring independence

Identify the characteristics of a compilation engagement’s work papers

Determine the requirements for compiling financial statements for one entity when engaged by another entity

Recognize the characteristics of the revised compilation report

Recognize the proper placement of a reference to the report in a compilation or review engagement

Recognize the appropriate placement of the reference to supplemental information in SSARS engagements

Determine the characteristics of a restricted use report

Identify those circumstances under which a statement of comprehensive income is required under the SSARS

Identify those circumstances under which an omission of disclosures is permitted under the SSARS

Determine the ramifications of a lack of a representation letter in a SSARS engagement

Determine the ramifications of an accountant’s awareness of fraud or an illegal act when performing an engagement subject to SSARS

Identify the necessary inquiries of a review engagement

Identify the necessary analytic procedures to be performed in a review engagement

Identify the characteristics of a representation letter in connection with review engagements

Identify the necessary components of a review report

Determine the characteristics of a reissued report

Identify the predecessor accountant’s obligations to a successor accountant

Identify the predecessor accountant’s obligations to the client regarding a previously issued report

Identify the ramifications to the accountant when an entity has a change of status between public and nonpublic

Identify the primary characteristics of IFRS vs. US GAAP

Determine the indicators favoring cash or tax basis

Recognize the determinative factor regarding the FASB endorsing a PCC recommendation

Recognize the results of the FASB Simplification Initiative

Identify OCBOA bases of accounting

Recognize the characteristics of the modified cash basis of accounting

Recognize matters typically discussed in “an emphasis of matter”  paragraph of an accountant’s review report on special purpose frameworks

Recognize the ramifications of reporting on the financial information in tax returns

Identify nontraditional engagements subject to SSARS

Identify the reporting ramifications of special-purpose financial statements complying with contractual agreements or regulatory provisions

Identify the reporting ramifications of specified elements, accounts, or items

Identify the reporting ramifications of financial information on prescribed forms

Recognize the reporting ramifications of personal financial statements

Recognize the entity responsible for establishing legal liability to third parties

Recognize allowable contingent fees that will not taint the accountant’s independence

Bottom
Price: 
$199.00
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
11.00
NASBA Field of Study: 
Accounting