There are no prerequisites.

Course Description

This course from Ray Thompson explains recent changes and regulations for accountants in charge of preparing compiled, reviewed, or OCBOA statements. You'll gain an overview of the issues affecting compilation and review, using case studies to illustrate specific areas that can be confusing. Detailed guidance will be given illustrating the role of the CPA in providing a range of accounting and financial statement services.

You'll also be given direction on recent SSARSs and the most current AICPA statements regarding OCBOA statements. In the end, you'll come away with an in depth understanding of the complicated, but essential, requirements facing financial professionals in charge of preparing compilation, review, and OCBOA statements.


Ray Thompson, CBA, CFM, CMA

Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States.

Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in the United Kingdom, his MBA in accounting from Xavier University in Ohio, and his PhD in business administration from Nova University. Ray is also certified in financial management and is a certified management accountant (CMA), a certified business appraiser (CBA), and holds the accredited valuation analyst credential from the National Association of Certified Valuators and Analysts (NACVA). He recently became certified in IFRS though the Institute of Chartered Accountants in England and Wales.

Ray teaches at Western CPE conferences and produces both self-study and webcast courses as well. He also authors and conducts professional development seminars for Fortune 500 and international corporations, multinational financial institutions, state CPA societies, and CPA firms throughout the United States. In addition, Ray provides business valuation services and consults with accounting firms and sole practitioners on a range of accounting issues in the area of valuation. He’s a faculty associate member of the AICPA and the Pennsylvania Institute of Certified Public Accountants (PICPA) and a member of the Financial Reporting Faculty of ICAEW.

Course Specifics

Sep 4, 2018
There are no prerequisites.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the users of compiled and reviewed financial statements and recognize the current standard setters and their purpose

Chapter 2

  • Recognize the SSARS hierarchy and its professional requirements
  • Identify the common elements in all compilation and review engagements, the objectives for compilation and review engagements, and responsible parties
  • Recognize the different standards of service required for preparations, compilations, reviews, and audits and their cost effectiveness
  • Specify the purpose and objectives of a compilation engagement
  • Specify the purpose and objectives of a review engagement
  • Recognize SSARS related reporting requirements and issues, including predecessor/successor communication and reporting on comparative financial statements

Chapter 3

  • Recognize some of the current issues in compilations, including engagement driven compilations
  • Recognize how reliability, independence, and reporting impact compilations and reviews
  • Identify frauds common to small businesses and the CPA's responsibilities for detecting and reporting fraud
  • Identify the requirements contained in SSARS 21, Preparation of Plain Paper Financial Statements

Chapter 4

  • Identify some of the major practice issues that CPAs encounter when applying ARSC standards including engagement and representation letters, and applicable documentation requirements
  • Specify the accountant's responsibilities for withdrawing from an engagement, changing the level of service, and the discovery of subsequent events
  • Recognize how going concern issues, GAAP departures, and other reporting issues affect the compilation and review process

Chapter 5

  • Recognize how controllership services can impact independence and identify the elements of the five hurdle approach and what must be overcome to provide a given service
  • Identify controllership and other management services that a CPA is often asked to perform

Chapter 6

  • Recognize recent developments issued by the ARSC in the Preparation, Compilation and Review Alert (CRA), citing requirements set forth in SSARS 22 and 23

Chapter 7

  • Identify the purpose of analytical procedures and recognize how analytical procedures are used in review engagements
  • Identify the components of the analytical review toolkit, their characteristics, and applicable usage

Chapter 8

  • Recognize the regulations that govern the compilation and review of personal financial statements and their applicable application, presentation, and disclosure

Chapter 9

  • Recognize the defining characteristics of OCBOA (AFRF), why OCBOA (AFRF) is used, appropriate modifications, and the components of the cash and tax basis (CTBA)
  • Recognize the display, reporting, and disclosure rules for CTBA and the AICPA FRF-SME alternative, noting similarities and differences

Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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