The Compilation and Review Standards- SSARS Nos 21-25Code: 21-SSARS-21-25

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Course Details


335
 pages

 

Content: 

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. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services- 2018, and SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions.

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.

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, that are and are not carried over fromauditing 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 regulatorybases 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 underAR-C 70

•Recognize what the reporting requirements are, if any, when a "no assurance" legend is omittedfrom prepared financial statements under the AR-C 70 standards

•Recognize an acceptable location in which to place the description of a special purpose frameworkin 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 offinancial statements engagement under AR-C 70

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

•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 anonattest service for an attest client

•Identify some procedures that must be performed in a compilation engagement under AR-C 80 ofSSARS No. 21

•Recognize some of the changes made to the compilation report under SSARS No. 21 includingthose related to special purpose frameworks and GAAP departures, among others

•Identify how an accountant should report on a disclaimer of supplementary information in acompilation engagement

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

reviewengagement 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 managementrepresentation 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 notsubstantial 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 VI course material, you will be able to:

•Identify one of the requirements in SSARS No. 24 when reporting on an international financialreporting framework

 

Delivery Method:  Self-Study

 

Category: Auditing

CPE credit:  12 Hours

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.   Complaints regarding registered sponsors may be addressed to:  National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417.  Web site:  www.nasba.org

NASBA Sponsor number 108096

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