Performing a Compilation Engagement
Monday, May 1, 2017 – Monday, April 30, 2018
This innovative CPE course has been designed to provide a convenient, accessible way for firms to train their staff in this area of practice. With the introduction of SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification, this area of practice will be experiencing a level of change not seen in over 30 years. This CPE course provides fundamental training on the performance standards associated with compilation engagements. This enhanced learning program combines real-world examples, practice exercises, case studies, and a "learning coach", to create a flexible, engaging learning experience.
- Identify the performance requirements for a compilation engagement.
- Recall the minimum documentation requirements for a compilation engagement.
- Recognize the forms and checklists typically used in a compilation engagement.
- Identify the performance requirements for compilation engagements of specified elements, accounts, or items of the financial statements.
- Recall the performance requirements for compilation engagements of pro forma financial information.
- Recognize the reporting requirements and modifications for interim financial statements.
- Accepting or continuing a client relationship
- Documenting an understanding with the client in an engagement letter
- Obtaining knowledge of the industry and client's business
- Reading the financial statements to ensure that they are correct in form and free from obvious error
- Obtaining additional information in a compilation engagement
- Documenting the compilation engagement using a work program, bridging documents, forms, and checklists
- Compilation engagements with respect to elements, accounts, and items of financial statements
- Compilation of pro forma financial information
- Revenue and expense recognition rules that apply to interim financial statements
- Common report modifications for compilation engagements of interim financial statements