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More About This Title Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements
English
Do you need to be compliant with all the professional standards surrounding engagements performed in accordance with Statements on Standards for Accounting and Review Services (SSARSs)?
Written by expert authors, one of whom participated heavily in the standard setting, this title is a practice-oriented review of the latest developments related to SSARS Nos. 21, 22, and 23, the last two of which were issued in 2016. A go-to reference for training staff and managing preparation, compilation, and review engagements, this course includes case studies and lively discussion among the experienced participants, making this class informative and practical.
This book helps:
- Identify the professional standards and risk factors relevant to the planning of preparation, compilation, and review engagements.
- Identify responses to preparation, compilation, and review engagement practice issues that comply with all applicable professional standards.
English
Hugh Parker, Ph.D., CPA, has more than 25 years of experience in accounting, auditing, business valuation, and litigation support in local and regional firms. He has taught CPA continuing education courses across the country, and has been recognized by the American Institute of Certified Public Accountants as an Outstanding CPE Instructor. His career includes experience teaching undergraduate and graduate accounting courses, Dean of the Else School of Management at Millsaps College and Executive Partner of HORNE LLP. Parker's volunteer service includes campaign chair of the Millsaps College Else School of Business, USM College of Business Advisory Board, Boys and Girls Clubs of Central Mississippi, Boy Scouts, Mississippi Special Olympics, and the Mississippi Symphony Orchestra.
Kelly J. Hunter, CPA, is Shareholder of Audit Services at Fitts, Roberts & Co., P.C. His experience includes audits, reviews and compilations of various commercial enterprises, not for profit organizations, governmental entities, and colleges and universities. He is an active peer reviewer and serves as a team captain on several reviews of CPA firms. Hunter is a member of the Board of Directors of the Texas Society of CPAs and the Houston Chapter of the TSCPA. In addition, he is a former member of the AICPA Accounting and Review Services Committee (ARSC) which is the AICPA's senior committee for compilations and reviews and is designated to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of nonpublic entities serving from 2013-2016.
Kimberly Burke, Ph.D., is professor of accountingat the Dean at Millsaps College's Else School of Management. She oversees the undergraduate business program, an MBA program, an Executive MBA program, and a Master of Accountancy program. As an accounting professor, Dr. Burke has taught a variety of classes including undergraduate and graduate auditing, intermediate and advanced accounting, accounting information systems, principles of financial accounting and introduction to liberal studies. In 2008, she was recognized by the Carnegie Foundation for the Advancement of Teaching and the Council for Advancement and Support of Education as the Mississippi Professor of the Year. She has published in multiple publications including Advances in Accounting, Southern Economic Journal, Journal of Information Systems, Journal of Service Marketing and Internal Auditing.
English
Chapter 1 1-1 Introduction to Preparation, Compilation, and Review Engagements 1-1
Reporting on Financial Statements 1-2
Evolution of Engagements to Prepare Financial Statements 1-5
Hierarchy of Standards and Guidance 1-7
Quality Control in Engagements Performed Under SSARSs 1-9
Peer Review 1-13
Summary 1-15
Practice Questions 1-16
Chapter 2 2-1 Current Economic Environment 2-1
The U.S. Business Environment 2-2
Implications of the Current Economy 2-4
Summary 2-8
Chapter 3 3-1
Recent Statements on Standards for Accounting and
Review Services Developments 3-1
SSARS No. 22 Compilation of Pro Forma Financial Information 3-2
Omnibus SSARS No. 23 Prospective Financial Information 3-7
Omnibus SSARS No. 23 Other Changes 3-9
Summary 3-13
Chapter 4 4-1 Performing an Engagement to Prepare Financial Statements 4-1
Objective and Scope 4-2
Performance Requirements 4-4
Documentation for Engagements to Prepare Financial Statements 4-8
Summary 4-10
Practice Questions 4-11
Chapter 5 5-1 Performing Compilation Engagements 5-1
Compilation Framework and Objectives 5-2
Compilation Performance Standards 5-7
Documentation for Compilation Engagements 5-10
Summary 5-14
Practice Questions 5-15
Chapter 6 6-1 Performing Review Engagements 6-1
Review General Principles and Objective 6-2
Review Performance Standards. 6-6
Documentation for Review Engagements 6-14
Change in Level of Service 6-18
Summary 6-19
Practice Questions and Case Studies 6-20
Chapter 7 7-1 Engagement Administration Issues 7-1
Independence 7-2
QC Section 10: 7-5
Summary 7-11
A Firm's System of Quality Control
Copyright 2017 Table of Contents 3
Appendix A A-1
Excerpt from the Code of Professional Conduct, Section 1.295 A-1
Chapter 8 8-1 Compilation and Review Reporting Issues 8-1
Common Modifications to Standard Compilation Reports 8-2
Common Modifications to Standard Review Reports 8-4
Reporting on Supplementary and Required Supplementary Information 8-5
Emphasis-of-Matter or Other-Matter Paragraphs 8-7
Summary 8-14
Chapter 9 9-1 Special Purpose Framework Financial Statement Issues 9-1
Special Purpose Framework Financial Statements 9-2
Practice Questions 9-9
Summary 9-10
Chapter 10 10-1 Current Accounting and Reporting Issues 10-1
Common Deficiencies in Peer Reviews 10-2
Overview of FASB Activities 10-7
Other Accounting Frameworks 10-11
Summary 10-14
Practice Questions 10-15
Chapter 11 11-1 On the Horizon 11-1
Resources 11-2
ARSC Pipeline 11-4
"Nonattest Services" FASB Pipeline 11-6
Summary 11-8
Glossary
Index
Solutions
Chapter 1 Solutions 1
Chapter 2 Solutions 2
Chapter 3 Solutions 3
Chapter 4 Solutions 6
Chapter 5 Solutions 7
Chapter 6 Solutions 12
Chapter 7 Solutions 16
Chapter 8 Solutions 21
Chapter 9 Solutions 27
Chapter 10 Solutions 31
Chapter 11 Solutions 33
Chapter 1 1-1 Introduction to Preparation, Compilation, and Review Engagements 1-1
Reporting on Financial Statements 1-2
Evolution of Engagements to Prepare Financial Statements 1-5
Hierarchy of Standards and Guidance 1-7
Quality Control in Engagements Performed Under SSARSs 1-9
Peer Review 1-13
Summary 1-15
Practice Questions 1-16
Chapter 2 2-1 Current Economic Environment 2-1
The U.S. Business Environment 2-2
Implications of the Current Economy 2-4
Summary 2-8
Chapter 3 3-1
Recent Statements on Standards for Accounting and
Review Services Developments 3-1
SSARS No. 22 Compilation of Pro Forma Financial Information 3-2
Omnibus SSARS No. 23 Prospective Financial Information 3-7
Omnibus SSARS No. 23 Other Changes 3-9
Summary 3-13
Chapter 4 4-1 Performing an Engagement to Prepare Financial Statements 4-1
Objective and Scope 4-2
Performance Requirements 4-4
Documentation for Engagements to Prepare Financial Statements 4-8
Summary 4-10
Practice Questions 4-11
Chapter 5 5-1 Performing Compilation Engagements 5-1
Compilation Framework and Objectives 5-2
Compilation Performance Standards 5-7
Documentation for Compilation Engagements 5-10
Summary 5-14
Practice Questions 5-15
Chapter 6 6-1 Performing Review Engagements 6-1
Review General Principles and Objective 6-2
Review Performance Standards. 6-6
Documentation for Review Engagements 6-14
Change in Level of Service 6-18
Summary 6-19
Practice Questions and Case Studies 6-20
Chapter 7 7-1 Engagement Administration Issues 7-1
Independence 7-2
QC Section 10: 7-5
Summary 7-11
A Firm's System of Quality Control
Copyright 2017 Table of Contents 3
Appendix A A-1
Excerpt from the Code of Professional Conduct, Section 1.295 A-1
Chapter 8 8-1 Compilation and Review Reporting Issues 8-1
Common Modifications to Standard Compilation Reports 8-2
Common Modifications to Standard Review Reports 8-4
Reporting on Supplementary and Required Supplementary Information 8-5
Emphasis-of-Matter or Other-Matter Paragraphs 8-7
Summary 8-14
Chapter 9 9-1 Special Purpose Framework Financial Statement Issues 9-1
Special Purpose Framework Financial Statements 9-2
Practice Questions 9-9
Summary 9-10
Chapter 10 10-1 Current Accounting and Reporting Issues 10-1
Common Deficiencies in Peer Reviews 10-2
Overview of FASB Activities 10-7
Other Accounting Frameworks 10-11
Summary 10-14
Practice Questions 10-15
Chapter 11 11-1 On the Horizon 11-1
Resources 11-2
ARSC Pipeline 11-4
"Nonattest Services" FASB Pipeline 11-6
Summary 11-8
Glossary
Index
Solutions
Chapter 1 Solutions 1
Chapter 2 Solutions 2
Chapter 3 Solutions 3
Chapter 4 Solutions 6
Chapter 5 Solutions 7
Chapter 6 Solutions 12
Chapter 7 Solutions 16
Chapter 8 Solutions 21
Chapter 9 Solutions 27
Chapter 10 Solutions 31
Chapter 11 Solutions 33
