- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses issues related to compilation and review engagements. Lesson 1 discusses the review procedures needed to obtain the limited assurance required for a review engagement. Lesson 2 discusses concerns that may arise when reporting on compiled or reviewed financial statements.
Course Expiration Date: July 31, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Recognize how accountants gain knowledge of clients, industries, and financial reporting frameworks; design review procedures, inquiries, and analytical procedures.
Identify other issues affecting procedures such as going concern, representation letters, and initial reviews.
Identify reporting obligations for compiled and reviewed statements, requirements for reporting, levels of service, and dating reports.
Determine methods for dealing with a lack of independence; financial statements that omit substantially all disclosures, the statement of cash flows or comprehensive income; GAAP departures; scope limitations; single financial statements; supplementary information; and charts and graphs.
Recognize requirements for reporting on comparative financial statements, accounting changes, nonprofit organizations, and governmental entities.
Identify other reporting situations that may occur with compiled or reviewed financial statements.
Lesson 1—Review Procedures
Lesson 2—Reporting on Compiled or Reviewed Financial Statements