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.
Upon successful completion of this course, participants will be able to:
- Identify the users of compiled and reviewed financial statements and recognize the current standard setters and their purpose
- 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
- 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
- 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
- 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
- Recognize recent developments issued by the ARSC in the Preparation, Compilation and Review Alert (CRA), citing requirements set forth in SSARS 22 and 23
- 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
- Recognize the regulations that govern the compilation and review of personal financial statements and their applicable application, presentation, and disclosure
- 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
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