You'll review the latest developments and issues relevant to preparation, compilation, and review engagements.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
CPA firm seniors (and above) managing engagements performed in accordance with SSARS prerequisite.
BENEFITS
- 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 of Statement on Standards for Accounting and Review Services (SSARS) No. 27, No. 26, No. 25, and No. 24.
- Identify AICPA resources relevant to preparation, compilation, and review engagements.
- Recognize current independence and ethics issues, basic elements of some recently issued accounting standards, and current and future FASB projects.
- Indicate current issues identified by the Accounting and Review Services Committee.
- Recall the fundamentals of the AICPA’s new quality management standards (SQMS Nos. 1 and 2).
- Identify some of the more common peer review findings in compilation and review engagements.
- Recognize the Financial Reporting Framework for Small
- and Medium-Size Entities (FRF for SMEs™) as an alternative to other special purpose frameworks and to accounting principles generally accepted in the United States.
HIGHLIGHTS
Overview of preparation, compilation, and review guidance
Accounting and reporting issues
Current practice issues
Common deficiencies in peer reviews
Current and future standard-setting projectsPREREQUISITES
Experience with engagements performed in accordance with SSARS.
ADVANCE PREPARATION
None