- NY Credits : 17.0
- TX Credits : 17.0
The objective of this course is to inform the reader of the various changes made to the compilation and review standards by the AICPA's Accounting and Review Services Committee (ARSC), and to address practice issues related to compilation and review engagements. The first part of this course consists of an overview of newly issued SSARS No. 21 including the three types of engagements that can be performed under SSARS No. 21: a preparation of financial statements engagement, a compilation engagement, and a review engagement. The next part of this course consists of practice issues in compilation and review engagements. Topics include a discussion of an accountant's responsibility for fraud, internal control and going concern, representation letters for review engagements, personal financial statements, tax-basis financial statements, legends on financial statements, accountant's liability in compilation and review engagements, saving time in engagements, and more. The focus of the course is to identify, recognize and recall the rules pertaining to various pronouncements, including those related to recent developments. This course provides a general review of U.S. GAAP in terms of compilations and reviews from a broad perspective. This course is appropriate for the professional at any level within an organization.
Upon successful completion of this course, the user should be able to:
identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are carried over from auditing standards;
recognize the impact of SSARS No. 21, as amended by SSARS No. 23;
recall the requirements of AR-C 70;
determine the objectives of a compilation engagement under of AR-C 80;
identify the requirements to be satisfied to perform a review engagement under AR-C 90; and
recognize significant practice issues impacted by U.S. GAAP in terms of compilations and reviews.