Engagements to Prepare Financial Statements
Available Anytime
Location:
Online
3Credits
Accounting and Auditing
Registration is Open
FICPA Members
Nonmembers
$99.00 Regular Price
Product Code: AI23-PCRE-PREP1
Level: Basic
Vendor: AICPA CPE Division
Field of Study: Auditing
Overview:
This CPE course is included in the 15-hour Preparation, Compilation, and Review Staff Essentials program. It can also be purchased as a part of the Review Engagements Series.
This innovative CPE course has been designed to provide a convenient, accessible way for firms to train their staff in this area of practice. With the introduction of SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification, a new standard, Preparation of Financial Statements, emerged. This CPE course provides fundamental training on the general principles and objective of an engagement to prepare financial statements as well as the performance standards associated with engagements to prepare financial statements. This enhanced learning program combines real-world examples, practice exercises, case studies, and a "learning coach", to create a flexible, engaging learning experience.
Objectives:
Learning Outcomes
- Identify the types of engagements that require a report on the financial statements.
- Distinguish between an engagement to prepare financial statements and a compilation of financial statements.
- Identify the framework and objectives of engagements to prepare financial statements.
- Distinguish between preparing financial statements and assisting in the preparation of financial statements.
- Recall the performance requirements for an engagement to prepare financial statements.
- Recognize the minimum documentation requirements for an engagement to prepare financial statements.
- Recall the independence considerations when performing a nonattest service for an attest client.
- Recognize the elements of a quality control system.
- Identify the circumstances in which engagements to prepare financial statements would be subject to peer review.
Major Topics:
Key Topics
- Reporting on Financial Statements
- Evolution of Engagements to Prepare Financial Statements
- Hierarchy of Preparation Standards and Guidance
- Objective and Scope of Preparation Engagements
- Acceptance and Continuance of Client Relationships
- Performance Requirements
- Documentation for Engagements to Prepare Financial Statements
- Independence and Ethics
- Quality Control in Engagements to Prepare Financial Statements
- Peer Review
Designed For:
Who Will Benefit
- CPA firm attest staff, including paraprofessionals new to performing SSARSs engagements