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

Learning Objectives

• 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 Description

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

Overview

• Best Practices for Nonattest Services

  2 mins
• Accounting Workpaper Documentation - Best Practices

  14 mins
• Preparation of F/S - Minimum Requirements

  33 mins
• Basis of a Compilation

  49 mins
• Known Departures Pre - SSARS No.25

  67 mins
• Exercise - Scope of Services

  90 mins