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
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.
- SSARS 19 overhaul of compilations and reviews
- SSARS 21 Clarity Project
- Recent updates and interpretations
- 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