myCPE
myCPE

Adapting To The Engagement – Differentiating The Requirements Of Preparations, Compilations, Reviews, And Audits 2.5 Credits

Mar 19, 2024, 10:00 AM ET

Adapting To The Engagement – Differentiating The Requirements Of Preparations, Compilations, Reviews, And Audits 2.5 Credits

  • Rating

    4.6
  • Reviewed on

    February, 2024
  • Subject Area

    Auditing

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  • Access the course at your convenience
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Mar 19, 2024, 10:00 AM ET

Learning Objective

  • To explore and explain how to avoid litigation risk in bookkeeping services.
  • To explore and explain the basis and requirements for a compilation contrasted with preparing financial statements.
  • To discover and discuss special purpose frameworks and other issues.
  • To discover and describe the basis and requirements for a review.
  • To explore and explain the basis and fundamental requirements for an audit.

Course Overview

A CPA may engage with clients for various attest and nonattest services. However, it is required to know that there are standards for each of the services. If these standards are not met, each of these services also carries the risk of litigation. Therefore it is required the CPAs to make the required preparations for all types of engagement.

A CPA may perform various attest services under relevant professional standards, including compilations, reviews, and audits. Reviews and audit engagement are also considered assurance services, providing either limited or reasonable assurance that financial statements are free of material misstatement. In addition, the CPA may perform non-attest services, such as bookkeeping or the preparation of financial statements.

CPAs must fully understand the professional responsibilities related to each of these varying levels of services, to effectively and efficiently satisfy engagement objectives. It is also clear that with increased services from bookkeeping and write-up to compilation, review, and audit – the requirements, preparation, and risk changes. The webinar will also discuss the most common issues faced during all types of engagements. We will also discuss special purpose frameworks and other related issues for various engagements. Finally, the speaker will discuss the best practices for all types of engagements.

The following are the Major Topics discussed during the CPE Auditing Webinar:

  • Compare the basis and requirements of preparing financial statements, compilations, reviews, and audits
  • Contrast the basis and requirements of preparing financial statements, compilations, reviews, and audits
  • Critical elements of compilation, review, and audit reports
  • Impact of special-purpose accounting frameworks and other special issues
  • Exercise on designing inquiries and analytics in a review
  • Case study differentiating the scope of various non-attest and attest services
  • Avoiding litigation risks in accounting services

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credits

2.5

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Stay Ahead of the Game with Jennifer Louis CPD/CPE Webinars
Jennifer Louis , CPA (US)

President, Emergent Solutions Group LLC

  • 4.5
  • rating
  • rating
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Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

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1,824 ratings

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DT

David Tull, CPA (US)

A good overview of the various levels of services in connection with financial statements, especially for someone specializing in Tax and who is unfamiliar with compilations, audits and reviews.

LW

Lashantinette Whitaker, AIF

This training was most needed for the work I am currently performing. The presenter was knowledgeable and it was easy to follow along.

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    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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