Preparing and Reviewing Client Prepared Financial Statements and General Attest Engagements

Overview

The ultimate objective of a financial statement audit is to issue the independent auditor’s report. Reviews and preparations are different. This course discusses the review and preparation process, introduces key elements of financial statements, and provides best practices for auditors who either prepare or review the client’s financial statements. Most CPA firms perform some level of compilation and review engagements, and some perform engagements under attestation standards. This course provides a deep dive into the most frequently missed issues in compilations and reviews engagements. We will also focus on attestation engagements and the various types of engagements a CPA can perform.

Designed For

Accountants who perform compilations, reviews, and other attestation engagements

Major Topics

• Objective of financial reporting
• Interrelationships of financial statements and disclosures
• Accounting changes
• Financial statement preparation and review process
• Best practices for financial statement preparation and review
• Frequently missed issues in compilation and review engagements as noted by peer reviewers
• Understand how to comply with AR-C 100 on International Standards and AR-C 120, Compilations of Pro forma Information
• Introduction to attestation standards (AT)
• Performing attestation examination engagements
• Performing attestation review engagements
• Performing agreed-upon procedures

Learning Objectives

• Explain the key elements and variations of the auditor’s report
• Understand the appropriate treatment for accounting changes and error corrections
• Discuss the basic financial statements, their key elements, and required disclosures
• Understand the Codification layout and be able to perform research on presentation and disclosure issues that arise
• Use a framework to prepare or review client prepared financial statements
• Identify best practices for financial statement preparation or review of client prepared financial statements
• Recall SSARS basics
• Understand advanced SSARS reporting issues, such as complying with international standards and preparing compilations of pro forma information
• Explain how to avoid peer review deficiencies in compilation and review engagements
• Identify the distinction between different levels of engagements performed in accordance with the attestation standards (examinations, reviews, and agreed-upon procedures)

Prerequisites

Understanding of key differences between assurance, attestation, and audit engagements

Advanced Preparation

None

Level of Knowledge

Intermediate

Instructional Delivery Method

Group Internet Based

CPE Credit

Participants will earn 4.0 CPE credits

Field of Study

Auditing (4)

Registration Requirement

Pre-registration is required for this event. To register, please visit our website at tx.cpa or contact our office at 800.428.0272. To receive the full CPE credit hours, you must be logged in and engaged for the duration of the program. Late arrivals and/or early departures will be captured by the submission of participant codes within the attendance monitoring application within the webinar broadcasting application.

Refunds and Cancellations

Registration changes can be made by calling 800-428-0272 or 972-687-8500 (option 2) or by emailing learning@tx.cpa. No shows forfeit the entire registration fee.

Cancellations for in-person conferences and events received at least 10 business days prior to the start of the event are eligible for a full refund. Cancellations received less than 10 business days prior to the start of the program are subject to a 50% cancellation fee due to facility, food and beverage fees being incurred.

Cancellations for webinars, webcasts, and online programs received at least five business days prior to the start of the program will be eligible for a full refund. Cancellations received less than five business days in advance of the program are subject to a 25% cancellation fee.

The Texas Society of CPAs is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.