This innovative series is perfect for the practitioner looking to review current changes to the standards or for those looking to learn the basics and practice applying what they’ve learned. This series uses practical case studies to provide cost-effective, quality, self-study training in an exciting and interactive multimedia CD-ROM or online format.
Each of the six courses in the series allows you to complete your exams and earn credit as you progress through the training. You can learn at your own pace, review as often as you like and do it all right from your desk. The series includes audio and video clips, tips to help avoid common pitfalls and numerous examples and printable practice aids. A professional narrator leads you through each course, pointing out key information and offering practice guidance. Each course also includes a printable “study guide” summarizing critical content.
• Introduction to Compilations and Reviews
• Performing Inquiries in a Review Engagement
• Performing a Compilation Engagement Under SSARS 19
• Performing Analytical Procedures in a Review Engagement
• How to Perform a Review Under SSARS No. 19, Case Study Part I - Design and Performance of Review Procedures
• How to Perform a Review Under SSARS No. 19, Case Study Part I - Reporting and Other Communication Requirements
After completing these six courses, you will be able to:
• Gain an understanding of the client’s industry, operations, and business practices to serve as a basis for developing an awareness of the risks of misstatement.
• Design review procedures based on your awareness of the risks of misstatement.
• Perform more effective inquiries and analytical procedures.
• Document the review procedures performed and evidence gathered.
• Establish and document an understanding with your client by preparing a standard engagement letter.
• Tailor a management representation letter to meet the specific needs of your client.
• Prepare a review report in a variety of circumstances.
• Identify the key differences between an audit, a review, and a compilation.
• Analyze the key definitions needed to apply the framework in practice.
• Explain the key elements that are part of every compilation and review.
• Use professional judgment in making a determination as to when financial statements have been “submitted” and, therefore, the SSARSs apply.
• Prepare an engagement letter for a compilation.
• Perform the procedures necessary in a compilation.
• Identify matters while performing a compilation that require further consideration.
• Prepare an appropriate compilation report.
• Plan your formal inquiry procedures to produce more reliable review evidence.
• Frame your questions to obtain the information needed in your review engagement.
• Apply the appropriate level of skepticism to evaluate the responses you receive to your inquiries.
• Develop expectations to be used in performing analytical procedures.
• Compare the recorded amounts to the expectations you develop.
• Perform additional procedures to investigate differences between your expectation and the recorded amount.