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

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: August, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

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 for the CPAs to make 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 audits 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, in order 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. At last, the speaker will discuss the best practices for all types of engagements.

The following are the Major Topics discussed during the 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


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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.

Recommended For

  • Accountants who provide attest services, such as compilations, reviews, and audits.
  • This Online Webinar on Auditing is recommended for CPA, CMA, CFE, CIA, CRMA, and Other Professionals who desire to support their clients with adaptive engagement services that covers its requirements and mitigates the risk areas

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2.5 CPE Credit for Certified Management Accountants (CMA)
  • 2.5 CPE Credit for Certified Internal Auditors (CIA)
  • 2.5 CPE Credit for Certified Fraud Examiner (CFE)
  • 2.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2.5 CE Credit for Certified Wealth Strategist (CWS)
  • 2.5 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 2.5 CPD Credit for Certified Financial Forensics (CFF)
  • 2.5 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 2.5 CPE Credit for Certified Valuation Analyst (CVA)
  • 2.5 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 2.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2.5 CPE Credit for Certified Government Financial Manager (CGFM)

Additional details

  • Course Level :
    Basic
  • Credits :
    2.5
  • Instructional Method :
    QAS Self Study
  • 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 through its website: www.NASBARegistry.org.

Presenter

About Presenter

Jennifer Louis, CPA (US)

President, Emergent Solutions Group LLC

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.

About Company

Emergent Solutions Group LLC

www.emergentgroup.net

Emergent Solutions Group is highly rated in course design and instruction on a wide array of topics, including accounting, auditing, personal development, project management, practice management, and more. Our Services includes : 

1. Developing High-Caliber, Cost-Effective Training Content

2. Revamping or Customizing Existing Training Offerings

3. "On-Call” Instructing and Speaking

4. Training the Trainer

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

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