Preparing and Reviewing Client-Prepared Financial Statements and General Attest Engagements

Overview

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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.

Highlights

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

Prerequisites

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

Designed For

Accountants who perform compilations, reviews, and other attestation engagements

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)

Preparation

None

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Sharon Martin

Leader Bios

Sharon Martin

Sharon L. Martin, MBA, CPA, is an Associate Professor in the Department of Accountancy at Weatherhead School of Management (WSOM) at Case Western Reserve University in Cleveland, Ohio. Sharon twice served as the Associate Dean for Finance and Administration at WSOM and co-chaired the strategic planning committee. Sharon received the 2018 Outstanding Undergraduate Faculty Advocate award. She has also been nominated for outstanding faculty member by Gamma Sigma Alpha and nominated for the WSOM Undergraduate Teaching Award multiple times. She currently teaches in the Master of Accountancy program. Martin is a graduate of John Carroll University. She obtained her Executive MBA from Baldwin Wallace University and gained Certificates in Women’s Leadership and Executive Coaching from Case Western Reserve. Martin’s career spanned 25 years at Ernst & Young in various roles in the audit practice, including principal in the Global Assurance Advisory Business Services (AABS) group, executive director in the Americas Quality and Risk Management team, and the global director of AABS Technology Implementation.

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