Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements.

Intro -- ANNUAL UPDATE AND PRACTICE ISSUES FOR PREPARATION, COMPILATION, AND REVIEW ENGAGEMENTS -- TABLE OF CONTENTS -- Chapter 1 INTRODUCTION TO PREPARATION, COMPILATION, AND REVIEW ENGAGEMENTS -- LEARNING OBJECTIVES -- Reporting on Financial Statements -- Evolution of Engagements to Prepare Financial Statements -- KNOWLEDGE CHECK -- Hierarchy of Standards and Guidance -- CODE OF PROFESSIONAL CONDUCT -- SSARS AND INTERPRETATIVE PUBLICATIONS -- KNOWLEDGE CHECK -- Quality Control in Engagements Performed Under SSARSs -- QC SECTION 10 -- ENGAGEMENT LEVEL QUALITY CONTROL---SSARSS -- KNOWLEDGE CHECK -- Peer Review -- KNOWLEDGE CHECK -- Summary -- Practice Questions -- Chapter 2 CURRENT ECONOMIC ENVIRONMENT -- LEARNING OBJECTIVES -- The U.S. Business Environment -- BUSINESS CONFIDENCE -- KNOWLEDGE CHECK -- Implications of the Current Economy -- ACCOUNTANT'S RESPONSIBILITY FOR FRAUD OR ILLEGAL ACTS -- ADVICE FROM CNA -- KNOWLEDGE CHECK -- Summary -- Chapter 3 RECENT STATEMENTS ON STANDARDS FOR ACCOUNTING AND REVIEW SERVICES DEVELOPMENTS -- LEARNING OBJECTIVES -- SSARS No. 22 -- Compilation of Pro Forma Financial Information -- DEFINITION OF PRO FORMA FINANCIAL INFORMATION -- PRO FORMA FINANCIAL INFORMATION -- PERFORMANCE REQUIREMENTS -- REPORTING ON PRO FORMA INFORMATION -- DOCUMENTATION -- KNOWLEDGE CHECK -- Omnibus SSARS No. 23---Prospective Financial Information -- PROSPECTIVE FINANCIAL INFORMATION -- COMPILING PROSPECTIVE FINANCIAL INFORMATION -- KNOWLEDGE CHECK -- Omnibus SSARS No. 23---Other Changes -- CHANGES TO GENERAL PRINCIPLES -- CHANGES TO PREPARATION ENGAGEMENTS -- CHANGES TO COMPILATION ENGAGEMENTS -- CHANGES TO REVIEW ENGAGEMENTS -- KNOWLEDGE CHECK -- Summary -- Chapter 4 PERFORMING AN ENGAGEMENT TO PREPARE FINANCIAL STATEMENTS -- LEARNING OBJECTIVES -- Objective and Scope -- DEFINITION -- PROFESSIONAL JUDGMENT -- KNOWLEDGE CHECK.

Performance Requirements -- AGREE UPON THE TERMS OF THE ENGAGEMENT WITH THE CLIENT -- KNOWLEDGE AND UNDERSTANDING OF THE CLIENT'S FINANCIAL REPORTING FRAMEWORK -- KNOWLEDGE CHECK -- PREPARING THE FINANCIAL STATEMENTS -- Documentation for Engagements to Prepare Financial Statements -- REQUIRED DOCUMENTATION -- CLIENT ACCEPTANCE FORM -- DISCLOSURE CHECKLIST -- KNOWLEDGE CHECK -- Summary -- Practice Questions -- Chapter 5 PERFORMING COMPILATION ENGAGEMENTS -- LEARNING OBJECTIVES -- Compilation Framework and Objectives -- DEFINITION -- ELEMENTS OF A COMPILATION ENGAGEMENT -- COMPARISON TO OTHER ENGAGEMENTS -- KNOWLEDGE CHECK -- Compilation Performance Standards -- ESTABLISH AN UNDERSTANDING -- KNOWLEDGE AND UNDERSTANDING OF THE ENTITY'S FINANCIAL REPORTING FRAMEWORK -- READ THE FINANCIAL STATEMENTS -- OBTAIN ADDITIONAL INFORMATION -- KNOWLEDGE CHECK -- Documentation for Compilation Engagements -- REQUIRED DOCUMENTATION -- DOCUMENTATION OF KNOWLEDGE AND UNDERSTANDING OF AN ENTITY'S FINANCIAL REPORTING FRAMEWORK -- COMPILATION PROCEDURES WORK PROGRAM -- BRIDGING DOCUMENTS -- DISCLOSURE CHECKLIST -- SUPPORT FOR FINANCIAL STATEMENT NOTES -- OTHER ITEMS -- KNOWLEDGE CHECK -- Summary -- Practice Questions -- Chapter 6 PERFORMING REVIEW ENGAGEMENTS -- LEARNING OBJECTIVES -- Review General Principles and Objective -- OBJECTIVE -- COMPARISON TO AUDIT ENGAGEMENTS -- ELEMENTS OF A REVIEW ENGAGEMENT -- MATERIALITY -- KNOWLEDGE CHECK -- Review Performance Standards -- ESTABLISH AN UNDERSTANDING -- COMMUNICATE WITH MANAGEMENT OR THOSE CHARGED WITH GOVERNANCE -- HAVE OR OBTAIN KNOWLEDGE OF THE INDUSTRY -- HAVE OR OBTAIN KNOWLEDGE OF THE CLIENT -- OBTAIN SUFFICIENT APPROPRIATE REVIEW EVIDENCE -- READ THE FINANCIAL STATEMENTS -- KNOWLEDGE CHECK -- Documentation for Review Engagements -- REQUIRED DOCUMENTATION -- DOCUMENTATION OF KNOWLEDGE OF INDUSTRY AND BUSINESS.

REVIEW ENGAGEMENT PROGRAM -- DISCLOSURE CHECKLIST -- SUPPORT FOR FINANCIAL STATEMENT NOTES -- KNOWLEDGE CHECK -- Change in Level of Service -- KNOWLEDGE CHECK -- Summary -- Practice Questions and Case Studies -- Chapter 7 ENGAGEMENT ADMINISTRATION ISSUES -- LEARNING OBJECTIVES -- Independence -- UNPAID FEES -- NONATTEST SERVICES -- PERIOD IN WHICH INDEPENDENCE IS IMPAIRED -- KNOWLEDGE CHECK -- QC Section 10: A Firm's System of Quality Control -- KNOWLEDGE CHECK -- Summary -- Appendix A EXCERPT FROM THE CODE OF PROFESSIONAL CONDUCT, SECTION 1.295 "NONATTEST SERVICES -- Chapter 8 COMPILATION AND REVIEW REPORTING ISSUES -- LEARNING OBJECTIVES -- Common Modifications to Standard Compilation Reports -- KNOWLEDGE CHECK -- Common Modifications to Standard Review Reports -- KNOWLEDGE CHECK -- Reporting on Supplementary and Required Supplementary Information -- Emphasis-of-Matter or Other-Matter Paragraphs -- KNOWLEDGE CHECK -- Summary -- Chapter 9 SPECIAL PURPOSE FRAMEWORK FINANCIAL STATEMENT ISSUES -- LEARNING OBJECTIVES -- Special Purpose Framework Financial Statements -- TITLES OF FINANCIAL STATEMENTS -- FOOTNOTE DISCLOSURES -- KNOWLEDGE CHECK -- REPORTING CONSIDERATIONS SPF FINANCIAL STATEMENTS -- KNOWLEDGE CHECK -- Practice Questions -- Summary -- Chapter 10 CURRENT ACCOUNTING AND REPORTING ISSUES -- LEARNING OBJECTIVES -- Common Deficiencies in Peer Reviews -- COMMON PEER REVIEW FINDINGS REVIEW ENGAGEMENTS -- COMMON PEER REVIEW FINDINGS COMPILATION ENGAGEMENTS -- OTHER ISSUES IDENTIFIED IN PEER REVIEW -- KNOWLEDGE CHECK -- Overview of FASB Activities -- FINANCIAL INSTRUMENTS -- LEASES -- INTANGIBLES, COMBINATIONS, CONSOLIDATION, DERIVATIVES, AND HEDGING -- NOT-FOR-PROFIT ENTITIES -- KNOWLEDGE CHECK -- Other Accounting Frameworks -- FRF FOR SMES ACCOUNTING FRAMEWORK -- IFRS AND IFRS FOR SMES -- KNOWLEDGE CHECK -- Summary -- Practice Questions.

Chapter 11 ON THE HORIZON -- LEARNING OBJECTIVES -- Resources -- STANDARD SETTING BODIES -- SELECTED PUBLICATIONS -- ARSC Pipeline -- USING THE WORK OF OTHER ACCOUNTANTS AND INTERNATIONAL FINANCIAL REPORTING ISSUES -- SELECTED PROCEDURES ENGAGEMENTS -- FASB Pipeline -- FASB AND IASB MEMORANDUM OF UNDERSTANDING -- FASB'S EXPOSURE DRAFTS -- KNOWLEDGE CHECK -- Summary -- ACCOUNTING AND AUDITING GLOSSARY -- INDEX -- ANNUAL UPDATE AND PRACTICE ISSUES FOR PREPARATION, COMPILATION, AND REVIEW ENGAGEMENTS -- SOLUTIONS -- LEARN MORE -- WHY AICPA? -- EULA.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.