Preparation, Compilation, Review, and Audit: What's the Difference?

Author: Pat Patterson

This course is about the new preparation, compilation, review, AND audit 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: June 2023

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in preparation, compilation, and review engagements, and procedures

Topics Covered

• New compilation and review standards for 2016 through 2021 including SSARS 21 thru SSARS 26
• Issues about Preparation engagements, Compilation engagements, and Review engagements
• New issues in Preparation, Compilation, and Review engagement letters and review representation letters specified in SSARS 21thru SSARS 26
• A selected look at documentation standards which will be reviewed for changes required by new preparation, compilation, and review standards plus documentation outside of SSARS 21 through 25 for all engagements
• The AICPA's Revised Code of Professional Conduct - Ethics 1.295 will be explored for revisions and updates in attest/nonattest applications specifically dealing with preparation, compilation, and review issues
• Updates on OCBOA issues
• Any other matters considered proper and timely

Learning Objectives

• Recognize how to follow the changes in preparation, compilation, and review standards for SSARS 21 thru SSARS 26
• Recognize the new issues about Preparation of Financial Statements, Compilations, and Reviews
• Recognize how to follow the issues in Preparation, Compilation, Review and Audit engagement letters and review representation letters specified in SSARS 26 and earlier SSARSs
• Recognize how to successfully follow documentation standards which will be reviewed for changes required by new preparation, compilation, review, and audit standards plus documentation outside of SSARS 21 - 26 and auditing standards for all engagements
• Recognize how to better understand 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
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
General understanding of SSARS and Audit requirement.

Advance Preparation
None