Objectives
- Identify the types of engagements that require a report on the financial statements.
- Recognize the hierarchy of guidance that applies to preparation, compilation, and review engagements.
- Recall the accountant’s responsibility for going-concern issues, subsequent events, and minimizing fraud-related risk.
- Recall the requirements of various SSARSs, including SSARS No. 27, SSARS No. 26., SSARS No. 25., SSARS No. 24, SSARS No. 23, and SSARS No. 22.
- Identify the framework, objectives, and performance and documentation requirements of preparation, compilation, and review engagements.
- Recognize the effects of a change in level of service from an audit to a review.
- Recall the reporting guidance for issuing modified conclusions in review engagements.
- Recognize the different types of special purpose frameworks and common titles used in preparing special purpose framework financial statements.
- Identify some of the more common peer review findings in compilation and review engagements.
- Recall basic elements of some recently issued accounting standards.
- Identify recently issued quality management standards.
- Recognize current independence and ethics issues.
- Identify current issues identified by the Accounting and Review Services Committee.
Prerequisite
Experience with engagements performed in accordance with SSARS
