ASCPA's Compilation and Review of Financial Statements

Wednesday, May 1 Code: CRFS-OL 4.0 CPE Credits

Overview

COURSE OVERVIEW<?xml:namespace prefix="o" />

After completing this course, you should be able to understand the basic issues related to preparation, compilation, and review engagements for each of the following areas:

 

Section

1

Clarified Guidance for Accounting and Review Services (SSARS Nos. 21, 22, 23 and 24).

 

 

 

Section

2

General Principles for SSARS engagements—Section 60.

 

2-a

Section 60 Amendments (SSARS No. 24).

 

 

 

Section

3

Preparation of Financial Statements—Section 70.

 

3-a

Preconditions for Preparation Engagement and Engagement Letter.

 

3-b

Illustrative Engagement Letter: Financial Statement Preparation.

 

3-c

Understanding the Client and Financial Statement Preparation.

 

3-d

Required Documentation for Preparation Engagement.

 

 

 

Section

4

Compilation Engagements: Scope and Objective—Section 80.

 

4-a

Preconditions for Compilation Engagement and Engagement Letter.

 

4-b

Illustrative Engagement Letter: Compilation.

 

4-c

Understanding the Client and Compilation Procedures.

 

4-d

Reporting on Compilation Engagements.

 

4-e

Documenting a Compilation Engagement.

 

 

Section

5

Review Engagements: Scope and Objective—Section 90.

 

5-a

Preconditions for Review Engagement and Engagement Letter.

 

5-b

Illustrative Engagement Letter: Review.

 

5-c

Review Engagement Requirements and Procedures (with SSARS No. 24 Amendments).

 

5-d

Reporting on Review Engagements (with SSARS No. 24 Amendments).

 

5-e

Step Down From an Audit to Review.

 

5-f

Documenting a Review Engagement.

 

5-g

Interpretations of Section 90

 

 

Section

6

Reporting on Elements and Pro Forma Information.

 

 

 

Section

7

Reporting on Personal Financial Statements.

 

 

 

Section

8

Technical Questions and Answers.

 

8-a

Report Modifications and PCC Accounting Alternatives (TIS 9150.32)

 

8-b

Disclosures and PCC Accounting Alternatives (TIS 9150.33)

 

 

 

Section

9

Guidance for International Reporting Issues (SSARS No. 24)