This session offers insight for tax practitioners beyond merely checking a box to satisfy accounting and auditing requirements for license renewal. We devote significant attention to extracting utility from financial statements to support decision needs of both external financial statement users and internal stakeholders. We explore best practices for cross-functional support within firms that perform tax, accounting solutions, financial statement, and consulting services. We also highlight similarities and differences between U.S. GAAP and tax-basis accounting.
DESIGNED FOR
Anyone who performed nonaudit services
BENEFITS
- Describe the nature of risks faced when performing nonaudit services for clients
- Explain how to mitigate risks faced by all CPAs in performing nonaudit services
- Apply best practices for maintaining quality control for nonaudit engagements
HIGHLIGHTS
- Differentiating risks faced when performing nonaudit services, such as reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
- Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
- Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
- Explain situations when independence should be appropriately safeguarded when performing nonattest services
PREREQUISITES
None
ADVANCE PREPARATION
None