Participants will get an overview of the issues that the profession faces that affect compilation and review engagements. Coverage will reflect the most recently issued authoritative literature and will use case studies to illustrate the accountant’s responsibilities. Course content will focus on the role of the CPA in providing a range of accounting and financial statement services to closely held businesses.
Course ID: CRO
Implementing SSARS 21: Preparation, Compilation, Review & the Cash and Tax Basis of Accounting (Latest Edition)
Learning Objectives
- Obtain an overview of the standards, interpretations, and practice problems involved in compilation and review today
- Apply the changes to compilation and review standards involving the new SSARS clarity redrafting project
- Upon completion of this course, participants will be able to:
- Understand the impact of engagement-driven compilation standards and preparation services
- Gain an appreciation for the CPA’s increased responsibilities for detecting and reporting fraud during compilation and review engagements
- Understand the reporting and disclosure issues involving OCBOA statements and AICPA’s recently published non-authoritative guidance in this area
Major Topics
- SSARS review: Compilation, review, and audit
- Bookkeeping and accounting services
- Fraud in compilation and review engagements
- SSARS clarity and recodification project
- Independence and management advisory services
- Using analytical procedures in review engagements
- Personal financial statements: Recent guidance
- OCBOA/Special Purpose Frameworks: Authoritative & non-authoritative guidance
- AICPA’s SME framework
- Case studies and questions
Who Should Attend
Accountants in public practice and industry who prepare compiled, reviewed, or OCBOA statements and need to gain an understanding of recent authoritative literature and changes in the practice environment
Fields of Study
AccountingPrerequisites
Experience with Compilation and Review engagements