Compilation engagements are often the first financial statement service that accounting professionals learn to perform. This introductory course provides a clear, easy-to-understand foundation for conducting compilation engagements under SSARS. Participants will learn what a compilation is, when it is used, the responsibilities of management and the accountant, and the essential elements of a standard compilation report. Through straightforward explanations and practical examples, the course helps new practitioners gain confidence in preparing financial statements without providing assurance.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
CPAs, public accountants, and accounting professionals who perform or supervise compilation engagements
BENEFITS
- Describe the performance and documentation requirements for compilation engagements in accordance with SSARS, including procedures related to engagement acceptance, client understanding, and report preparation.
- Identify situations that require modifications to a standard compilation report, including the effects of omitted disclosures, special purpose frameworks, and known departures from the financial reporting framework.
- Differentiate among compilation engagements for full financial statements, specified elements, pro forma financial information, and prospective financial information, including their respective reporting and disclosure requirements.
HIGHLIGHTS
- Compilation engagement requirements under SSARS
- AR-C Section 80
- Roles and responsibilities of management and the accountant
- Reporting considerations, including special purpose frameworks and report modifications
- Compiling pro forma and prospective financial information
- Best practices for engagement letters, documentation, and avoiding peer review issues
PREREQUISITES
None
ADVANCE PREPARATION
None