SSARS No. 21 – 26: An Overview of the Compilation & Review Standards (12 hrs)

Course No. F090
Format: Online pdf (355 pages). Printed book available.
Prerequisites: General understanding of compilation and review standards
Advance Preparation:None
Level: Overview
CPE Credit: 12 hrs.
Field of Study: Auditing: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2024

After reading the Sections I and II course material, you will be able to:

• Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are and are not carried over from auditing standards
• Identify engagement types that are and are not authorized under SSARS No. 21

After reading the Section III course material, you will be able to:

• Recall whether the preparation of financial statements standard is an attest or nonattest service
• Recognize the term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
• Recall whether a preparation engagement under AR-C 70 is subject to peer review
• Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
• Recognize what the reporting requirements are, if any, when a “no assurance” legend is omitted from prepared financial statements under the AR-C 70 standards
• Recognize an acceptable location in which to place the description of a special purpose framework in a preparation of financial statements engagement
• Identify where to disclose GAAP departures in a preparation of financial statements engagement
• Recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70

After reading the Section IV course material, you will be able to:

• Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
• Identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
• Identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
• Recognize some of the changes made to the compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
• Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement

After reading the Section V course material, you will be able to:

• Recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90
• Identify requirements to be satisfied to perform a review engagement under AR-C 90
• Identify the date as of which management representations should be made in a management representation letter for a review engagement
• Recognize an appropriate title that can be used for a review report under SSARS No. 21
• Identify the order in which certain report paragraphs should be placed in the review report
• Recognize the definition of a reasonable period of time in evaluating going concern
• Recognize how to report in a review engagement per SSARS No. 25, when there is or is not substantial doubt of an entity’s ability to continue as a going concern
• Recall some of the items that should be documented in a review engagement

After reading the Section V course material, you will be able to:

• Recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90
• Identify requirements to be satisfied to perform a review engagement under AR-C 90
• Identify the date as of which management representations should be made in a management representation letter for a review engagement
• Recognize an appropriate title that can be used for a review report under SSARS No. 21
• Identify the order in which certain report paragraphs should be placed in the review report
• Recognize the definition of a reasonable period of time in evaluating going concern
• Recall some of the items that should be documented in a review engagement

After reading the Section VI and VII course material, you will be able to:

• Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement.
• Identify one of the requirements required by SSARS No. 24 when reporting on an international financial reporting framework.