SSARS No. 21 – 23: An Overview of the Compilation & Review Standards (10 hrs)

Course description

SSARS No. 21-23: An Overview of the Compilation & Review Standards – 10 hrs. CPE

The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by SSARS No. 21 as amended by SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016.  The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement.  The course also discusses SSARS No. 22, Compilation of Pro Forma Financial Information.

Course Information


Price: $107
Course No. F090
Format: Online pdf (310 pages). Printed book available.
Prerequisites: General understanding of U.S. GAAP
Advance Preparation:None
Level: Overview
CPE Credit: 10 hrs.
Field of Study: Auditing
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: March 2017

Objectives

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 new preparation of financial statements standard is an attest or nonattest service
• Identify some of the preparation engagements that are subject to the AR-C 70 standards found in SSARS No. 21
• Recognize the new 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 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 his or her 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 new compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
• Recognize some of the documentation requirements in a compilation engagement
• 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 of SSARS No. 21
• 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 new SSARS No. 21
• Identify the order in which certain report paragraphs should be placed in the new review report
• Recall the items that should be documented in a review engagement

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

  • Recognize the effective dates of new SSARS No. 21 including early implementation options
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