Description

Be the go-to person on financial statement compilation and preparation engagements. Specifically designed for those performing preparation and compilation engagements, this course will provide you with a hands-on application for performing preparation and compilation engagements under AR-C Section 70 and 80, respectively. You will learn the ins and outs of relevant sections of the SSARS related to preparation and compilation engagements with a focus on how recently issued updates to SSARS No. 21 impact these engagements. More importantly, you will be provided practical examples and illustrations to help you effectively and efficiently perform those engagements, including a detailed discussion of the reporting requirements under AR-C 80 related to compilation engagement. Lastly, the course will review recent peer review feedback on these types of engagements, highlighting areas where you can improve engagement quality.

Target Audience

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

Course Objectives

• Understand and apply relevant sections of SSARS No. 21, Clarification and Recodification
• Be familiar with guidance impacting preparation and compilation engagements which is contained in SSARS Nos. 22, 23 and 24
• Be familiar with preparation and compilation work program examples
• Be aware of the most recent reports and other required communications
• Keep abreast of relevant ARSC agenda items and projects
• Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Subjects

• Relevant sections of SSARS No. 21, Clarification and Recodification
• Updates to SSARS No. 21 guidance due to issuance of SSARS Nos. 22, 23 and 24
• Proposed changes to the SSARS guidance
• Comprehensive sample engagement work programs for preparation and compilation engagements
• Prescribed form, specified line item, pro forma, and other engagement variations
• Complete illustrations of relevant engagement letters, reporting and other required communications for preparation and compilation engagements
• SSARS No. 21 implementation issues and peer review feedback

Prerequisites

Experience in performing and managing preparation and compilation engagements