Performing a Compilation Engagement
Included in Preparation, Compilation, and Review Staff Essentials, this CPE course provides fundamental training on the performance standards associated with compilation engagements.
Format
Online
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
2
Author(s)
Kimberly Burke, Hugh Parker
Availability
1 year
Product Number
164440
This CPE course is included in the 15-hour Preparation, Compilation, and Review Staff Essentials program. It can also be purchased as a part of the Review Engagements Series.
This innovative CPE course has been designed to provide a convenient, accessible way for firms to train their staff in this area of practice. With the introduction of SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification, this area of practice will be experiencing a level of change not seen in over 30 years. This CPE course provides fundamental training on the performance standards associated with compilation engagements. This enhanced learning program combines real-world examples, practice exercises, case studies, and a "learning coach", to create a flexible, engaging learning experience. This CPE course has also been updated to reflect the most recent changes resulting from the issuance of SSARS No. 22 and SSARS No. 23, to help practitioners comply with the latest developments in regulation.
- Accepting or continuing a client relationship
- Documenting an understanding with the client in an engagement letter
- Obtaining knowledge of the industry and client's business
- Reading the financial statements to ensure that they are correct in form and free from obvious error
- Obtaining additional information in a compilation engagement
- Documenting the compilation engagement using a work program, bridging documents, forms, and checklists
- Compilation engagements with respect to elements, accounts, and items of financial statements
- Compilation of pro forma financial information
- Compilation of prospective financial information
- Revenue and expense recognition rules that apply to interim financial statements
- Common report modifications for compilation engagements of interim financial statements
- Identify the performance requirements for a compilation engagement.
- Recall the minimum documentation requirements for a compilation engagement.
- Recognize the forms and checklists typically used in a compilation engagement.
- Identify the performance and reporting requirements for compilation engagements of specified elements, accounts, or items of the financial statements.
- Recall the performance requirements for compilation engagements of pro forma financial information.
- Identify the performance requirements for compilation engagements of prospective financial information
- Recognize the reporting requirements and modifications for interim financial statements.
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