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Advanced Update for Compilation, Review and Accounting Services

Author/Moderator: Kimberly Burke, Ph.D., Hugh Parker, Ph.D., CPA, and J. Russell Madray, CPA, CIA, CMA, CFMugh Parker, Ph.D., CPA
Publisher: AICPA
Availability: In Stock
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Description

If you manage a compilation or review engagement practice, this course is an absolute must, as it enables you to ensure that current year engagements conform to all applicable professional standards. A practice-oriented review of the latest developments and cases make this course practical. This course will benefit CPAs involved with compilation or review services.

Highlights include what you really need to know to plan compilation and review engagements, where responsibility for fraud begins and ends, hands on practice in case studies, the most common peer review deficiencies, proposed standards and other developments on the horizon.

Objectives: 

Identify responses to compilation and review practice issues and updates on all applicable current professional standards

Prerequisite: Management of compilation or review engagements

Value Aids! Compilation and Review Alert and Codification of SSARS

Table of Contents

  • Chapter 1 - Current Engagement Environment
    • Learning Objectives
    • Introduction
    • Resources
    • Standards for Compilation and Review Engagements
    • Overview of Guidance on Compilation Engagements
      • Financial Statement Compilations for Financial Statements
      • Performance Requirements
      • Standard Compilation Reports
      • Common Modifications to Compilation Reports
      • Compilations of Specified Accounts, Elements, or Items of Financial Statements
      • Compilations of Pro Forma Financial Information
    • Overview of Guidance on Review Engagements
      • Performance Requirements
      • Standard Review Report
      • Common Modifications to Review Reports
    • The U.S. Business Environment
      • Small Business Confidence
    • Summary
  • Chapter 2 - Recent SSARS Developments
    • Learning Objectives
    • Introduction
    • Resources
    • New Standards
      • SSARS No. 15 - Elimination of References to SAS
      • AR Section 20 (SSARS No. 16) - Defining Professional Requirements in Statements on Standards for Accounting and Review Services
      • Omnibus SSARS
    • Interpretation No. 28
      • Incomplete Presentations that are Otherwise in Conformity with GAAP or OCBOA
      • Basis of Accounting Is Not in Conformity with GAAP or OCBOA
    • Interpretation No. 29
      • Modification of Report upon Evidence of Going Concern
      • Modification of Report Based upon Material Uncertainty
      • Uncertainties When Substantially All Disclosures Are Omitted
    • Independence in Compilation Engagements
      • Should Independence be Required?
      • Disclosing the Reason for Independence Impairment
    • Summary
    • Question 1
    • Question 2
  • Chapter 3 - Current Practice Issues
    • Learning Objectives
    • Introduction
    • Resources
    • Bookkeeping Engagements
    • SQCS No. 7 (Codified as QC Section 10) - A Firm's System of Quality Control
      • Overview
      • Engagement Quality Control Review
      • Degree of Responsibility Imposed
      • Documentation and Communication
      • Elements of a System of Quality Control
    • Summary
    • Questions
  • Chapter 4 - Current Accounting and Reporting Issues
    • Learning Objectives
    • Introduction
    • Resources
    • Common Deficiencies in Peer Reviews
      • Financial Reporting
      • SSARS Procedures and Documentation
    • New Accounting Guidelines
      • FASB Statement No. 157
      • FASB Statement No. 159
      • FASB Interpretation No. 48
    • Summary
    • Questions
  • Chapter 5 - On the Horizon
    • Learning Objectives
    • Introduction
    • Resources
    • SSARS Pipeline
      • The ARSC Clarity Project
      • Potential Recodification of SSARS
      • Harmonization with International Standards
      • OCBOA Accounting Guidance
    • FASB Pipeline
      • Business Combinations
      • Fair Value
      • Derivative Disclosures
      • Transfers of Financial Assets
      • Codification and Retrieval Project
      • GAAP Hierarchy
    • Summary
  • Chapter 6 - Ethics Focus: Accounting and Auditing
    • Ethics Overview
    • Recent Developments
    • Spotlight on Independence
    • Key Ethical Dilemmas
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 7 - Latest Developments
  • Appendix A - SSARS 17, Omnibus Statement on Standards for Accounting and Review Services - 2008
  • Appendix B - Codification of Statements on Standards for Accounting and Review Services as of February 2008
  • Appendix C - Accounting and Review Exhibits
  • Appendix D - Accounting and Review Appendixes
  • Appendix E - Accounting and Review Topical Index
  • Appendix F - Technical Inquiries: Compilation and Review Engagements as of February 2008
  • Appendix G - AICPA Compilation and Review Alert - 2007/08
  • Appendix H - QC Section - Statements on Quality Control Standards

731509

Excerpts

Videocourse Details

NASBA Field of Study: Auditing
Level: Advanced
Recommended CPE Credit: 9
ADVANCED UPDATE FOR COMPLICATION and REV TX08
Text
Product# 731509
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