Preparation, Compilation, and Review Engagements: Update and Review

Overview

By reviewing the latest developments and issues relevant to preparation, compilation and review engagements, you'll be able to adhere to professional standards while performing these types of engagements.

Prerequisites

Experience with engagements performed in accordance with SSARS.

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 and resources applicable to the performance of SSARSs engagements.
• Identify some of the more common peer review findings in compilation and review engagements.
• Recall basic elements of some recently issued accounting standards and current and future FASB projects.
• Recognize the Financial Reporting Framework for Small
• and Medium-Size Entities (FRF for SMEsT) as an alternative to other special purpose frameworks and to accounting principles generally accepted in the United States.
• Identify recently issued quality management standards, the fundamentals of QC section 10,
• A Firm's System of Quality Control
• , and current independence and ethics issues.
• Identify current issues identified by the Accounting and Review Services Committee.

Highlights