Preparation, Compilation, and Review Engagements: Update and Review
- If you supervise preparation, compilation, and review engagements, this course is designed to assist you in adhering to professional standards. It will inform you of the latest developments and pertinent issues relevant to these engagements as you gain insights into:
- The U.S. business economy
- Peer review practices
- FASB updates
- Various 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 of Statement on Standards for Accounting and Review Services (SSARS) No. 27, No. 26, No. 25, and No. 24.
- Identify AICPA resources relevant to preparation, compilation, and review engagements.
- Recognize current independence and ethics issues, basic elements of some recently issued accounting standards, and current and future FASB projects.
- Indicate current issues identified by the Accounting and Review Services Committee.
- Recall the fundamentals of the AICPA’s new quality management standards (SQMS Nos. 1 and 2).
- Identify some of the more common peer review findings in compilation and review engagements.
- 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.
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
