Overview
Specifically designed for preparation, compilation, and review practitioners and their staff, 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 SSARS No. 21, Clarification and Recodification. The course will also cover the changes that have occurred with the issuance of SSARS Nos. 22 and 23 with regard to compilation of pro forma financial information engagements, engagements on prospective financial information, as well as in other areas relevant to SSARS No. 21 engagements. Also, the course will perform a detailed review of the key provisions of the recently issued SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018, including reporting in a review when going concern considerations exist. Lastly, we will review the forthcoming changes to the SSARS due to the issuance of SSARS No. 25 in 2020.
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. 21-24 services in compliance with professional, ethical, and technical requirements.
Major Topics:
- 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
- Proposed changes to the SSARS
- 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
- Going concern reporting implications on SSARS engagements due to COVID-19 and other issues
Learning Objectives
- Understand, apply SSARS No. 21, Clarification and Recodification
- Be familiar with changes due to the issuance of SSARS Nos. 22-25
- 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
Designed for:
Accounting practitioners & their staff performing and managing compilation, preparation, and review engagement services
Prerequisite:
Experience in performing and managing compilation, preparation, and review engagements
Advanced Preparation:
None