Reviews and Compilations

Learning Objectives

• To understand what makes up a review or compilation.
• To identify the differences between a compilation and a review.
• To review what the minimum requirements for reporting reviews and compilations
• To examine needed modifications
• To recognize situations that warrant separate paragraphs
• To know when to withdraw

Course Description

The compilation engagements and review engagements are not assurance engagements, they do not require the accountant to verify the accuracy or completeness of the information provided by management or otherwise gather evidence to express an opinion or a conclusion on the financial statements.

However, reviews and compilations have their own standards and rules for preparation and performance of these engagements.

Public accountants tasked with generating compilations and reviews need a systematic approach to generating these documents. This targeted, CPE webinar will focus on the key factors you need to consider when putting together a compilation or review.

This session will help you apply accounting and financial reporting expertise to assist management in the presentation of financial statements and report in accordance to GAAP standards.

Major topics highlighted in this Auditing CPE webinar:

• Reviews and compilations of financial statements.
• Management responsibilities
• The accountant’s responsibilities
• Minimum content of the accountant’s report
• Separate paragraphs
• Modifications and withdrawals

Overview

• Review and complaints engagements

  1 mins
• Understanding of entity's financial reporting framework

  14 mins
• With a special purpose framework

  23 mins
• Supplementary information report

  39 mins
• What ARC-60 does not address

  53 mins
• Agreement on review engagement terms

  67 mins
• Accountant responsibility

  73 mins