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Preparation, Compilation and Review Engagements Update

Author/Moderator: Kimberly G. Burke, Ph. D; Hugh Parker Ph. D, CPA
Publisher: AICPA
Availability: Online Access
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If you supervise preparation, compilation, and review engagements, this CPE course will help you comply with the professional standards by informing you of the latest developments and issues relevant to these engagements. Learn about Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, released in connection with the Accounting and Review Services Committee's SSARS Clarity Project, quality control issues, International Financial Reporting Standards, and other areas affecting preparation, compilation, and review engagements.

Learning Objectives:
This course will prepare you to:

  1. Identify key economic factors that may impact your clients and their financial statements
  2. Recall the performance requirements for performing engagements in accordance with SSARS No. 21
  3. Recognize the appropriate reporting requirements and common modifications for reporting on compilation and review engagements
  4. Identify current practice issues
  5. Identify future projects of the Accounting and Review Services Committee

Key Topics:

  1. Overview of preparation, compilation, and review guidance
  2. The SSARSs Clarity Project, including the issuance of SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification
  3. Accounting and reporting issues
  4. Current practice issues
  5. Common deficiencies in peer reviews
  6. Current and future standard-setting projects

Who Will Benefit?

  1. Practitioners performing preparation, compilation, or review engagements
  2. Those who want to stay up to date on the latest in the PCRE sector

Prerequisite: Experience with engagements performed in accordance with SSARSs

Advance Preparation: None

NASBA Field of Study: Accounting and Auditing
Level: Update
Recommended CPE Credit: 6
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