Description

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.

Target Audience

CPAs, public accountants, and accounting professionals who perform or supervise compilation engagements

Course Objectives

• 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.

Subjects

• 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