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The Compilation and Review Standards - SSARS Nos. 21-27

The Compilation and Review Standards - SSARS Nos. 21-27

$79.95$79.95
  • SKU : SF2028
  • OUR PRICE :$79.95
  • CREDIT HOURS : 12
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The Compilation and Review Standards - SSARS Nos. 21- 27
 		  
Course Description:  

The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by SSARS No. 21 as amended by SSARS No. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services- 2018, SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions,  SSARS No. 26:  Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services, and SSARS No. 27,  Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement.
 
The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement 
 		  
Learning Objectives:  

Upon successful completion of this course, participants will be able to:
  • Identify some of the changes in SSARS No. 21, as amended, that are and are not carried over from auditing standards
  • Identify engagement types that are and are not authorized under SSARS No. 21
  • Recall whether the preparation of financial statements standard is an attest or nonattest service
  • Recognize the term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
  • Recall whether a preparation engagement under AR-C 70 is subject to peer review
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
  • Recognize an acceptable location in which to place the description of a special purpose framework in a preparation of financial statements engagement
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement
  • Recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
  • Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
  • Identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
  • Identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
  • Recognize some of the changes made to the compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement
  • Recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90
  • Identify requirements to be satisfied to perform a review engagement under AR-C 90
  • Identify the date as of which management representations should be made in a management representation letter for a review engagement
  • Recognize an appropriate title that can be used for a review report under SSARS No. 21
  • Identify the order in which certain report paragraphs should be placed in the review report
  • Recognize the definition of a reasonable period of time in evaluating going concern
  • Recall some of the items that should be documented in a review engagement
  • Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement
  • Recognize  when the requirements in AR-C 70 are not required to be applied in the preparation of financial statements per SSARS No. 17
  • Identify one of the requirements in SSARS No. 24 when reporting on an international financial reporting framework
 
  
Course Number: SF2025
NASBA Field of Study: Auditing
Level:                     Overview
Author/Instructor: Steven C. Fustolo
Publication Date: January 2026  
CPE Credits: 12  
Program Prerequisites: General understanding of compilation and review and auditing standards   
Advanced Preparation: None
 

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