A compilation engagement involves a greatly reduced set of activities from a review engagement, and especially from an audit. In How to Conduct a Compilation Engagement, we describe the steps required to complete a compilation, as well as every other aspect of a compilation engagement, including the engagement letter and the compilation report. The course also includes the requirements for an engagement in which the accountant is called upon to prepare financial statements for a client. This course is based on SSARS 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification.
Upon successful completion of this course, participants will be able to:
- State the responsibilities of the accountant in a compilation engagement.
- List the steps usually taken during a compilation engagement.
- Cite the reasons why an accountant may withdraw from a compilation engagement.
- Describe the contents of the documentation assembled following a compilation engagement.
- State the responsibilities of the accountant who has been engaged to prepare financial statements.
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