Compilations & Reviews: A Practical Approach

Overview: 

Public accountants tasked with generating compilations and reviews need a systematic approach to generating these documents. This targeted, one-day program 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
Bottom
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting