Compilations & Reviews: A Practical Approach Webinar

To provide CPAs and financial professionals with a practical and current understanding of SSARS requirements for compilation and review engagements, enabling participants to properly perform engagements, maintain compliance with professional standards, and enhance engagement quality.

• Statements on Standards for Accounting and Review Services (SSARS)
• Comparisons and requirements for compilations, reviews, and audits
• Comparative financial statements and communications between accountants
• Other financial reporting formats
• Special purpose engagements
• Legal issues
• Ethics and independence
• Recent pronouncements
• Peer review

To provide CPAs and financial professionals with a practical and current understanding of SSARS requirements for compilation and review engagements, enabling participants to properly perform engagements, maintain compliance with professional standards, and enhance engagement quality.

DETAILED LEARNING OBJECTIVES

• Identify the consequences of not following the SSARS

• Identify the compilation and review hierarchy

• Recognize those professional services following under the SSARS that result in the issuance of a report

• Recognize the applicability of an engagement letter in the context of an engagement subject to SSARS

• Recognize those SSARS engagements in which control risk is assessed

• Determine the date of the compilation report

• Identify those engagements not requiring independence

• Identify the characteristics of a compilation engagement’s work papers

• Determine the requirements for compiling financial statements for one entity when engaged by another entity

• Recognize the characteristics of the revised compilation report

• Recognize the proper placement of a reference to the report in a compilation or review engagement

• Recognize the appropriate placement of the reference to supplemental information in SSARS engagements 

• Determine the characteristics of a restricted use report

• Identify those circumstances under which a statement of comprehensive income is required under the SSARS

• Identify those circumstances under which an omission of disclosures is permitted under the SSARS 

• Determine the ramifications of a lack of a representation letter in a SSARS engagement 

• Determine the ramifications of an accountant’s awareness of fraud or an illegal act when performing an engagement subject to SSARS

• Identify the necessary inquiries of a review engagement

• Identify the necessary analytic procedures to be performed in a review engagement

• Identify the characteristics of a representation letter in connection with review engagements

• Identify the necessary components of a review report 

• Determine the characteristics of a reissued report 

• Identify the predecessor accountant’s obligations to a successor accountant 

• Identify the predecessor accountant’s obligations to the client regarding a previously issued report 

• Identify the ramifications to the accountant when an entity has a change of status between public and nonpublic

• Identify the primary characteristics of IFRS vs. US GAAP

• Determine the indicators favoring cash or tax basis 

• Recognize the determinative factor regarding the FASB endorsing a PCC recommendation

• Recognize the results of the FASB Simplification Initiative 

• Identify OCBOA bases of accounting

• Recognize the characteristics of the modified cash basis of accounting

• Recognize matters typically discussed in “an emphasis of matter” paragraph of an accountant’s review report on special purpose frameworks

• Recognize the ramifications of reporting on the financial information in tax returns

• Identify nontraditional engagements subject to SSARS

• Identify the reporting ramifications of special-purpose financial statements complying with contractual agreements or regulatory provisions

• Identify the reporting ramifications of specified elements, accounts, or items

• Identify the reporting ramifications of financial information on prescribed forms

• Recognize the reporting ramifications of personal financial statements

• Recognize the entity responsible for establishing legal liability to third parties

• Recognize allowable contingent fees that will not taint the accountant’s independence

• Statements on Standards for Accounting and Review Services (SSARS)
• Comparisons and requirements for compilations, reviews, and audits
• Comparative financial statements and communications between accountants
• Other financial reporting formats
• Special purpose engagements
• Legal issues
• Ethics and independence
• Recent pronouncements
• Peer review