Be the go-to person on financial statement compilation and preparation engagements. Specifically designed for those performing preparation and compilation engagements, this course will provide you with a hands-on application for performing preparation and compilation engagements under AR-C Section 70 and 80, respectively. You will learn the ins and outs of relevant sections of the SSARS related to preparation and compilation engagements with a focus on how recently issued updates to SSARS No. 21 impact these engagements. More importantly, you will be provided practical examples and illustrations to help you effectively and efficiently perform those engagements, including a detailed discussion of the reporting requirements under AR-C 80 related to compilation engagement. Lastly, the course will review recent peer review feedback on these types of engagements, highlighting areas where you can improve engagement quality.
Target Audience
Accounting practitioners and their staff performing and managing preparation and compilation engagement services
Course Objectives
Understand and apply relevant sections of SSARS No. 21, Clarification and Recodification
Be familiar with guidance impacting preparation and compilation engagements which is contained in SSARS Nos. 22, 23, 24, and 26
Be familiar with preparation and compilation work program examples
Be aware of the most recent reports and other required communications
Keep abreast of relevant ARSC agenda items and projects
Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
Subjects
Relevant sections of SSARS No. 21, Clarification and Recodification
SSARS No. 21, Clarification and Recodification, and updates to SSARS No. 21 due to the issuance of SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services
SSARS No. 22, Compilation of Pro Forma Financial Information
SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018
SSARS No. 26, Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services
Proposed changes to the SSARS guidance
Comprehensive sample engagement work programs for preparation and compilation engagements
Prescribed form, specified line item, pro forma, and other engagement variations
Complete illustrations of relevant engagement letters, reporting and other required communications for preparation and compilation engagements
Prerequisites
Experience in performing and managing preparation and compilation engagements
