Practice Issues — Compilation and Review Update Module II
Author: Steven C. Fustolo, CPA
Electronic version only
The objective of this course is to inform the reader of the various changes made to the compilation and review standards by the AICPA’s Accounting and Review Services Committee (ARSC), and to address practice issues related to compilation and review engagements.
With this 12-hour course you will:
- Get a 287-page PDF manual
- Identify the reporting options for controllers who seek to issue financial statements
- Recognize the accountant’s responsibility for reporting fraud in compilation and review engagements
- Identify the types of analytical procedures that can and cannot be used in a review engagement
- Recognize certain terms used as the basis for evaluating going concern in a review engagement
- Identify factors that may or may not suggest there is a potential going-concern problem in a compilation or review engagement
- Identify the period of time that defines “reasonable period of time” in going concern
- Recognize the threshold to evaluate an Altman Z Score
- Identify an example of a deferred M-1 that is eliminated by tax-basis financial statements
- Recognize some of the general rules for tax-basis financial statements
- Identify the options available to report on supplementary information in a compilation or review engagement
- Recognize the general disclosure rules when issuing a compilation report on a specified element
- Identify when a management representation letter is required and some general rules pertaining to such letters
- Identify a prescribed form and the options for reporting on personal financial statements
- Identify examples of simpler reporting options to issuing GAAP financial statements
- Identify provisions to incorporate into engagement letters to protect the accountant against liability claims
| Designation | CPE Hours |
|---|---|
| CPA | 12 Auditing |
Course level: Overview
General understanding of compilation and review standards is required.
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Spidell Publishing, LLC 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 the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 12 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Auditing. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. General understanding of compilation and review standards is required.
