Preparation, Compilation, and Review Engagements: Update and Review

Objectives

• Identify the key economic factors that may affect clients and their financial statements.
• Recall the accountant's responsibility for going concern issues, subsequent events, fraud, and recommendations for minimizing fraud-related risk.
• Recall the requirements and resources applicable to the performance of SSARSs engagements.
• Identify some of the more common peer review findings in compilation and review engagements.
• Recall basic elements of some recently issued accounting standards and current and future FASB projects.
• Recognize the Financial Reporting Framework for Small
• and Medium-Size Entities (FRF for SMEsT) as an alternative to other special purpose frameworks and to accounting principles generally accepted in the United States.
• Identify recently issued quality management standards, the fundamentals of QC section 10,
• A Firm's System of Quality Control
• , and current independence and ethics issues.
• Identify current issues identified by the Accounting and Review Services Committee.

Designed For

CPA firm seniors (and above) managing engagements performed in accordance with SSARS.