Description

Specifically designed for preparation, compilation, and review practitioners, this course will provide you with a comprehensive review and hands-on application for performing financial statement preparation, compilation, and review engagements. You will learn the ins and outs of applying SSARS No. 21, Clarification and Recodification, as well as the additional guidance related to SSARS engagements through the issuance of SSARS Nos. 22-26 by the ARSC. In addition to SSARS 26, the entire suite of quality management standards is discussed. However, knowing the standards is not enough. You need to be able to effectively apply them. To support this, the course will review recent peer review feedback on SSARS engagements, providing insights on how to successfully apply this guidance. Not only will this course bring you up to date on SSARS requirements and guidance, but more importantly, it will provide you with practical examples and illustrations to help you effectively and efficiently perform these types of engagements. This course is intended to be your go-to reference for training your staff and managing your SSARS No. 21-26 services in compliance with professional, ethical, and technical requirements.

Target Audience

Accounting practitioners and their staff performing and managing compilation, preparation, and review engagement services

Course Objectives

• Understand, apply SSARS No. 21, Clarification and Recodification
• Be familiar with changes due to the issuance of SSARS Nos. 22-26
• Be familiar with compilation and review program examples and disclosure illustrations
• Identify and apply compilation, preparation, and review procedures
• Be aware of the most recent compilation and review reports and other communications
• Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Subjects

• SSARS No. 21, Clarification and Recodification, and updates to SSARS No. 21 due to the issuance of SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services
• SSARS No. 22, Compilation of Pro Forma Financial Information
• SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services -- 2018
• SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions 
• SSARS No. 26, Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services
• Sample comprehensive engagement work programs for preparation, compilation and review engagements
• Reporting and disclosure illustrations for each level of service, including attesting on personal financial statements, prescribed form, special purpose framework and other engagement variations
• Other communication requirements, such as sample engagement letters and management representation letters

Prerequisites

Experience in performing and managing compilation, preparation, and review engagements