Understand which clients need what level of service
Obtain an overview of the standards, interpretations, and practice problems involved in compilation and review today.
Become aware of the changes to compilation and review standards involving the SSARS 19 clarity redrafting project.
Recognize the potential benefits and drawbacks to preparation engagements
Appreciate the increasing formalization of review practices mandated by SSARS 24& 25
Understand
Learning Objectives
To provide participants with an overview of the issues that the profession faces that affect preparation, compilation and review engagements. Coverage will reflect the most recently issued authoritative literature illustrating the accountant’s responsibilities. Course content will focus on the role of the CPA in providing a range of accounting and financial statement servies to closely held businesses.
Major Topics
The SSARS codification & the CPA’s responsibilities
Bookkeeping, Preparation & Accounting services: differing professional responsibilities
Practice Issues: analytics, tailoring, misstatements & documentation
The iterative nature of the review: when to stop
Illustrative reports
The SSARS 21 framework for preparing financial statements
SSARS 24: Going Concern disclosures
Materiality & Risk Based Reviews: SSARS 25
Provider
Maryland Association of CPAs
Course Level
Update
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
5
Who Should Attend
Accountants in public practice and industry who carry out preparation compiled, reviewed, statements and need to gain an understanding of recent authoritative literature and changes in the practice environment.
