Recent developments related to preparation, compilation and review engagements
If you perform or supervise preparation, compilation and review engagements, it's paramount for you to stay up to date on the latest developments and issues relevant to these engagements.
After taking this course, you'll be better equipped to adhere to professional standards and perform engagements compliantly.
Additionally, you'll gain insights into: The U.S. business economy Peer review practices FASB updates Other aspects that influence preparation, compilation and review engagements.
Learning Objectives
- Identify the key economic factors that may affect clients and their financial statements.
- Recall the accountant’s responsibility for going concern issues, subsequent events, fraud, and recommendations for minimizing fraud-related risk.
- Recall the requirements and resources applicable to the performance of SSARSs engagements.
- Identify some of the more common peer review findings in compilation and review engagements.
- Recall basic elements of some recently issued accounting standards and current and future FASB projects.
- Recognize the Financial Reporting Framework for Small
- and Medium-Size Entities (FRF for SMEs™) as an alternative to other special purpose frameworks and to accounting principles generally accepted in the United States.
- Identify recently issued quality management standards, the fundamentals of QC section 10,
- A Firm’s System of Quality Control
- , and current independence and ethics issues.
- Identify current issues identified by the Accounting and Review Services Committee.
Major Topics
- Overview of preparation, compilation and review guidance
- Accounting and reporting issues
- Current practice issues
- Common deficiencies in peer reviews
- Current and future standard-setting projects
