Course Information

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Compilation and Review: The Engagement (Third Edition)
Author: Steven C. Fustolo, CPA

Description:
Compilation and Review: The Engagement explores how accounting firms prepare for engagements, conduct the engagements in accordance with ethical and professional standards, manage special situations encountered in compilation or review engagements, and maintain independence under revised AICPA interpretations of proper objectivity of CPAs. The course concludes by exploring opportunities for practitioners to offer new services related to existing compilation and review work.

Upon completion of this course, you will be able to:

  • Apply SSARS No. 1 performance standards, using required working papers and analytical procedures when performing compilation or review engagements.

  • Create engagement letters that incorporate essential language without violating professional ethics or including language that subject the accounting firm to legal liability.

  • Clarify the accountant's responsibilities regarding fraud risk in a compilation or review engagement.

  • Determine how to effectively apply analytical procedure in both a compilation engagement and review engagement.

  • Distinguish between the language used to disclose substantial doubt of an entity's ability to continue as a going concern in audits versus compilations and reviews.

  • Describe the limits of responsibility for incomplete information in a compilation engagement.

  • Describe how to use OCBOA financial statements for cost savings and engagement profitability.

  • Navigate requirements for maintaining independence while maximizing services in compilation or review engagements.

Course Details:
Price:  $96.00
Field of Study:  Auditing
Prerequisites:  Basic knowledge of compilation and review procedures
Level:  Intermediate
CTEC course number:  None
Course was last updated on:  02/16/2010
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Library:
Accounting and Audit

Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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Credit Available For: Units
CPE 6.00 CPE
Enrolled Agent (Accepted by the IRS) 6.00 CPE
National Registry Interactive 6.00 CPE
National Registry New Standards 6.00 CPE
QAS 6.00 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.