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Compilation and Review Standards: SSARS Nos. 21-26

  • ITEM SKU
    8235
  • CPE Hours
    12
  • Full Course Price
    $94.50
Exam Questions: 60
Course Level: Basic
Pages: 408 | Content: 396, Supplemental: 12
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 8235A

The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by SSARS No. 21, as amended by SSARS No. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services - 2016, SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services - 2018, SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions, and SSARS No. 26, Quality Management for an Engagement Conducted in Accordance with Statements on Standards for Accounting and Review Services. The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement.PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Overview of the New Standards
  • AR-C Section 60 - General Principles for SSARSs
  • AR-C Section 70 - Preparation of Financial Statements
  • AR-C Section 80 - Compilation Engagements
  • AR-C Section 90: Review of Financial Statements
  • SSARS No. 26: Quality Management for an Engagement Conducted in Accordance with Statements on Standards for Accounting and Review Services
  • AR-C Section - Special Considerations - International Reporting Issues
Objectives
  • To identify some of the changes in SSARS No. 21, as amended, that are (and are not) carried over from auditing standards
  • To identify engagement types that are (and are not) authorized under SSARS No. 21
  • To recall whether the preparation of financial statements engagement is an attest or nonattest service
  • To recognize the term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
  • To recall whether a preparation of financial statements engagement under AR-C 70 is subject to peer review
  • To identify whether a report is required in a preparation of financial statements engagement under AR-C 70
  • To recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
  • To recognize an acceptable location to place the description of a special purpose framework in a preparation of financial statements engagement
  • To identify where to disclose GAAP departures in a preparation of financial statements engagement
  • To recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
  • To recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
  • To identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
  • To identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
  • To recognize some of the changes made to the compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
  • To identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement
  • To recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90
  • To identify requirements to be satisfied to perform a review engagement under AR-C 90
  • To identify the date as of which management representations should be made in a management representation letter for a review engagement
  • To recognize an appropriate title that can be used for a review report under SSARS No. 21
  • To identify the order in which certain report paragraphs should be placed in the review report
  • To recognize the definition of a reasonable period of time in evaluating going concern
  • To recall some of the items that should be documented in a review engagement
  • To identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement
  • To identify one of the requirements in SSARS No. 24 when reporting on an international financial reporting framework

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.