Course Information

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Compilations and Reviews: Compilation
Author: James L. Ulvog, CPA

Description:
Many components of the SSARS were changed when SSARS 19 went into effect for financial statements ending December 15, 2010. A large portion of the SSARS body of knowledge continued in place.

This course provides the basics of the SSARS literature that applies to only compilations.

A prerequisite course addresses those parts of SSARS that apply to both compilations and reviews. Another follow-on course provides the basics that apply to reviews, including reporting and review procedures.

Here are just a few of the highlights in the SSARS literature for accountants to be attentive to for a compilation:

  • Establish an understanding with the client

  • Performance requirements for compilations

  • Understanding of the industry

  • Understanding of the client

  • Reading the financial statements

  • Other compilation procedures – Disposition of issues coming to the accountant’s attention

  • Documentation for compilations

  • Reporting on financial statements

  • Omission of substantially all disclosures

  • Reporting when the accountant is not independent

  • Communication when the compiled financial statements are not expected to be used by a third-party

  • Restricting the use of an accountant's compilation report

Course Details:
Price:  {$item_price}
Field of Study:  Auditing
Prerequisites:  None
Level:  Basic
Course was last updated on:  08/26/2011
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Technical Requirements:
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Credit Available For: Units
CPE 2.00 CPE
Enrolled Agent (Accepted by the IRS) 2.00 CPE
QAS 2.00 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.