CCH Learning Center

Compilation and Review: Practice Issues

This course delves into advanced issues for accountants whose practice includes frequent or complex compilation and review assignments.

The course intersperses practical advice about enhancing the practitioner’s avenues of income with tips for maximizing use of research tools and proper practice of the privity standard.

Chapters explore the following:

• how to simplify the reporting process in order to cut client’s fees and enhance the accounting firm’s revenues.

• lists of useful websites for CPAs who wish to stay current with the fast-changing regulatory environment.

• when it is advisable to bring a specialist into cases that are highly technical or feature ethical issues.

• the evolving limits of accountants’ liability under the privity standard.

• the intricacies of the AICPA peer review system includes descriptions of the three types of peer reviews, summarizes the recently reorganized peer review structure, and explains possible responses to deficiencies by accounting firms.

• descriptions of the three major types of assurance services that accounting firms may analyze to expand their range of services: eldercare services, risk assessments, and performance engagements for specific entities. The initiatives to assemble teams of experts for these enhanced service engagements are discussed as well.