The purpose of this course is to inform the reader of the various changes proposed by the Accounting and Review Services Committee of the AICPA and practice issues surrounding compilation and review engagements.
This course highlights changes in SSARS Nos. 9 through 18, and responsibility for fraud, internal control and going concern, representation letters for reviews, personal financial statements, using staff, compiling pro forma financial information, OCBOA financial statements, legends on financial statements, and more. Learning Objectives:
- Identify the exemptions from the SSARSs
- Review the chronology of SSARSs and related interpretations that have been issued since inception
- Apply the ethics rules to controllers who seek to issue financial statements
- Understand how fraud and internal control apply to compilation and review engagements
- Apply going concern issues to the SSARSs and identify factors that could suggest there is a going concern problem
- Use OCBOA financial statements in compilation and review engagements
- Know what elements to include in a management representation letter
- Identify the numerous changes made by SSARS No. 9
- Apply the guidance of SSARS No. 10 including the expanded procedures, inquiries and other procedures related to review engagements
- Comprehend how the SSARS hierarchy is structured
- Understand the revised fraud language that must be included in an engagement letter as well as other changes found in SSARS No. 12
- Utilize the guidance of SSARS No. 13 to compilations of specified elements, accounts, or items of a financial statement
- Apply to guidance of SSARS No. 14 to compilation engagements of pro forma financial information
- Understand the changes to the definition of compilation and review engagements found in SSARS No. 17
- Understand the revised definition of third party and other changes made by SSARS No. 17
- Learn when the SSARSs do not apply to a review of interim financial information under SAS No. 116
- Use personal financial statements and prescribed forms
- Understand how to report on budgets
- Identify provisions to incorporate into engagement letters to protect the accountant against liability claims
- Discuss the key changes to independence rules found in Interpretation 101-3
- Explain the third-party privity standard used among different states
- Identify how GAAP applies to compilation and review engagements
- Report when there are material GAAP departures
- To understand what GAAP is as it relates to compilation and review engagements
- To review how SSARS provides for companies who wish to present selected disclosures
Upon ordering this course, you will immediately receive instructions how to download the course as an Online pdf document. Included in this email will be log-on instructions for taking the certification exam. You have one year from date of purchase to complete the course.Exam Format
After you have completed reviewing the text material, you may take your exam in our convenient, untimed online format. Tests average 5 questions for each CPE credit offered. For example, a CPE test worth 20 credits would include about 100 questions.
A score of 70% or better is required to pass this course, although there is no limit to the number of times you may take the exam in order to pass.CPE Certification
When you successfully pass the exam, your Certificate of Completion will be displayed on the screen. Print it out on your printer by using the “Print” command in your web browser.
This course is accepted in all but the following states for CPE credit: FL, MN, MS, OR, SC, & TN.
Course Level: Basic
Field of Study: AccountingAbout The Author
Steven C. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses.
An AICPA author, Mr. Fustolo’s articles are regularly featured in The Practical Accountant and other publications.