- 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, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Recognize how accountants gain knowledge of clients, their industry, and their financial reporting frameworks for a review engagement.
Identify other issues that may affect review procedures, including those related to the entity's ability to continue as a going concern, representation letters, and initial review engagements.
Identify the accountant's reporting obligation for compiled and reviewed financial statements, requirements for compilation and review reports, the different levels of service that may be provided, and how to date compilation and review reports.
Determine the best methods for dealing with reporting issues.
Recognize requirements and best practices for reporting on comparative financial statements, accounting changes, nonprofit organizations, and governmental entities.
Identify how to handle other reporting situations that may occur.
Lesson 1—Review Procedures
Lesson 2—Reporting on Compiled or Reviewed Financial Statements