An auditor’s overall objectives when conducting risk-based audits of financial statements of privately-held companies are to:
(a) Obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to error or fraud, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and
(b) Report on the financial statements, or otherwise, as required by the SASs, in accordance with the auditor’s findings, outlined in AU-C 315, Understanding the Entity and Its Environment and Assessing Risks of Material Misstatements, throughout the conduct of the audit.
In this session, we will address the key requirements and how effectively comply with them as well as focus on the areas of concerns that have been noted in recent AICPA Peer Review results and internal inspections.
If you perform a good amount of compilations, reviews and financial statement preparation engagements as part of your attest practice, then this seminar is right for you! Our compilation, review and financial statement preparation overview training session will give you and your professional staff everything you need to perform these engagements efficiently and effectively. We will address all current regulations relevant to SSARS No. 21-25 as well as the latest best practices that will help you streamline the performance of these engagements.