Description
Included in Preparation, Compilation, and Review Staff Essentials, this CPE course provides fundamental training on the performance standards associated with compilation engagements.
Objectives
- Identify the performance requirements for a compilation engagement.
- Recall the minimum documentation requirements for a compilation engagement.
- Recognize the forms and checklists typically used in a compilation engagement.
- Identify the performance and reporting requirements for compilation engagements of specified elements, accounts, or items of the financial statements.
- Recall the performance requirements for compilation engagements of pro forma financial information.
- Identify the performance requirements for compilation engagements of prospective financial information
- Recognize the reporting requirements and modifications for interim financial statements.
Highlights
- Accepting or continuing a client relationship
- Documenting an understanding with the client in an engagement letter
- Obtaining knowledge of the industry and client's business
- Reading the financial statements to ensure that they are correct in form and free from obvious error
- Obtaining additional information in a compilation engagement
- Documenting the compilation engagement using a work program, bridging documents, forms, and checklists
- Compilation engagements with respect to elements, accounts, and items of financial statements
- Compilation of pro forma financial information
- Compilation of prospective financial information
- Revenue and expense recognition rules that apply to interim financial statements
- Common report modifications for compilation engagements of interim financial statements