Description

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 applying SSARS No. 21, Clarification and Recodification, as well as the additional guidance related to SSARS engagements through the issuance of SSARS Nos. 22–24 and SSARS Nos. 26–27 by the ARSC. In addition to SSARS No. 26, the entire suite of quality management standards is discussed.

Most importantly, you will be provided with 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.

Instructor: Ken Levine

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

SSARS No. 27, Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement

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