2024 Preparation, Compilation, Review, Audit, and Attestation: Differences
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
This course is about the new preparation, compilation, review, audit, and attestation professional standards, which represent significant changes in authoritative professional standards like SSARS 21, thru 26. Engagement Letters, Reports (or lack thereof), Disclosures, Documentation, and Ethical considerations from the newly Revised AICPA Code of Professional Conduct are explained, discussed, and examples are given for illustrations. Selected attest vs nonattest issues are dealt with. Selected Independence and Ethics 1.295 concepts are managed.
Publication Date: May 2024
Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in preparation, compilation, review, and attestation engagements, and procedures.
Topics Covered
- Introduction to Presentation, Compilation, Review, and Audit Engagements
- Comparisons of the Four Types of Engagements
- What Professional Standards Cover the Types of Engagements
- New Issue - Responding to Noncompliance with Laws and Regulations (NOCLAR)
- One of the Biggest Issues in the Type of Engagements: Independence
- Introduction to the New Approach of Quality Management
- Elements of the Quality Management System
- Differences and Comparison of the Elements of Quality Control under QC Section 10 with the Components of Quality Management under SQMS No. 1
Learning Objectives
- Identify the changes in preparation, compilation, and review standards for SSARS 21 thru SSARS 26
- Identify new issues about Preparation of Financial Statements, Compilations, Reviews, and Attestation Engagements
- Identify the issues in Preparation, Compilation, Review and Audit engagement letters and review representation letters specified in SSARS 26 and earlier SSARSs
- Identify documentation standards which will be reviewed for changes required by new preparation, compilation, review and attestation standards plus documentation outside of SSARS 21 – 26 and auditing standards for all engagements
- Identify the provisions of Ethics 1.295 for revisions and updates in attest/nonattest applications specifically dealing with preparation, compilation, and review issues
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General understanding of SSARS and Audit requirements
Advance Preparation
None
