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

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

Hugh Parker, Kelly J. Hunter, Kimberly Burke

ISBN: 978-1-119-51129-8

Apr 2018

240 pages

In Stock

$109.50

Chapter 1 1-1 Introduction to Preparation, Compilation, and Review Engagements  1-1

Reporting on Financial Statements 1-2

Evolution of Engagements to Prepare Financial Statements 1-5

Hierarchy of Standards and Guidance  1-7

Quality Control in Engagements Performed Under SSARSs  1-9

Peer Review  1-13

Summary  1-15

Practice Questions    1-16

Chapter 2 2-1 Current Economic Environment  2-1

The U.S. Business Environment   2-2

Implications of the Current Economy 2-4

Summary  2-8

Chapter 3 3-1

Recent Statements on Standards for Accounting and

Review Services Developments 3-1

SSARS No. 22 Compilation of Pro Forma Financial Information 3-2

Omnibus SSARS No. 23 Prospective Financial Information 3-7

Omnibus SSARS No. 23 Other Changes  3-9

Summary  3-13

Chapter 4  4-1 Performing an Engagement to Prepare Financial Statements 4-1

Objective and Scope   4-2

Performance Requirements   4-4

Documentation for Engagements to Prepare Financial Statements 4-8

Summary 4-10

Practice Questions    4-11

Chapter 5  5-1 Performing Compilation Engagements 5-1

Compilation Framework and Objectives  5-2

Compilation Performance Standards 5-7

Documentation for Compilation Engagements  5-10

Summary 5-14

Practice Questions    5-15

Chapter 6  6-1 Performing Review Engagements 6-1

Review General Principles and Objective 6-2

Review Performance Standards. 6-6

Documentation for Review Engagements  6-14

Change in Level of Service    6-18

Summary 6-19

Practice Questions and Case Studies 6-20

Chapter 7  7-1 Engagement Administration Issues 7-1

Independence 7-2

QC Section 10:  7-5

Summary 7-11

A Firm's System of Quality Control

Copyright 2017 Table of Contents 3

Appendix A    A-1

Excerpt from the Code of Professional Conduct, Section 1.295 A-1

Chapter 8 8-1 Compilation and Review Reporting Issues  8-1

Common Modifications to Standard Compilation Reports 8-2

Common Modifications to Standard Review Reports  8-4

Reporting on Supplementary and Required Supplementary Information  8-5

Emphasis-of-Matter or Other-Matter Paragraphs  8-7

Summary  8-14

Chapter 9 9-1 Special Purpose Framework Financial Statement Issues  9-1

Special Purpose Framework Financial Statements 9-2

Practice Questions   9-9

Summary  9-10

Chapter 10  10-1 Current Accounting and Reporting Issues  10-1

Common Deficiencies in Peer Reviews 10-2

Overview of FASB Activities  10-7

Other Accounting Frameworks  10-11

Summary  10-14

Practice Questions   10-15

Chapter 11  11-1 On the Horizon   11-1

Resources  11-2

ARSC Pipeline    11-4

"Nonattest Services" FASB Pipeline    11-6

Summary 11-8

Glossary

Index

Solutions

Chapter 1  Solutions 1

Chapter 2  Solutions 2

Chapter 3  Solutions 3

Chapter 4  Solutions 6

Chapter 5  Solutions 7

Chapter 6    Solutions 12

Chapter 7    Solutions 16

Chapter 8    Solutions 21

Chapter 9    Solutions 27

Chapter 10  Solutions 31

Chapter 11  Solutions 33

 

 

Chapter 1 1-1 Introduction to Preparation, Compilation, and Review Engagements  1-1

Reporting on Financial Statements 1-2

Evolution of Engagements to Prepare Financial Statements 1-5

Hierarchy of Standards and Guidance  1-7

Quality Control in Engagements Performed Under SSARSs  1-9

Peer Review  1-13

Summary  1-15

Practice Questions    1-16

Chapter 2 2-1 Current Economic Environment  2-1

The U.S. Business Environment   2-2

Implications of the Current Economy 2-4

Summary  2-8

Chapter 3 3-1

Recent Statements on Standards for Accounting and

Review Services Developments 3-1

SSARS No. 22 Compilation of Pro Forma Financial Information 3-2

Omnibus SSARS No. 23 Prospective Financial Information 3-7

Omnibus SSARS No. 23 Other Changes  3-9

Summary  3-13

Chapter 4  4-1 Performing an Engagement to Prepare Financial Statements 4-1

Objective and Scope   4-2

Performance Requirements   4-4

Documentation for Engagements to Prepare Financial Statements 4-8

Summary 4-10

Practice Questions    4-11

Chapter 5  5-1 Performing Compilation Engagements 5-1

Compilation Framework and Objectives  5-2

Compilation Performance Standards 5-7

Documentation for Compilation Engagements  5-10

Summary 5-14

Practice Questions    5-15

Chapter 6  6-1 Performing Review Engagements 6-1

Review General Principles and Objective 6-2

Review Performance Standards. 6-6

Documentation for Review Engagements  6-14

Change in Level of Service    6-18

Summary 6-19

Practice Questions and Case Studies 6-20

Chapter 7  7-1 Engagement Administration Issues 7-1

Independence 7-2

QC Section 10:  7-5

Summary 7-11

A Firm's System of Quality Control

Copyright 2017 Table of Contents 3

Appendix A    A-1

Excerpt from the Code of Professional Conduct, Section 1.295 A-1

Chapter 8 8-1 Compilation and Review Reporting Issues  8-1

Common Modifications to Standard Compilation Reports 8-2

Common Modifications to Standard Review Reports  8-4

Reporting on Supplementary and Required Supplementary Information  8-5

Emphasis-of-Matter or Other-Matter Paragraphs  8-7

Summary  8-14

Chapter 9 9-1 Special Purpose Framework Financial Statement Issues  9-1

Special Purpose Framework Financial Statements 9-2

Practice Questions   9-9

Summary  9-10

Chapter 10  10-1 Current Accounting and Reporting Issues  10-1

Common Deficiencies in Peer Reviews 10-2

Overview of FASB Activities  10-7

Other Accounting Frameworks  10-11

Summary  10-14

Practice Questions   10-15

Chapter 11  11-1 On the Horizon   11-1

Resources  11-2

ARSC Pipeline    11-4

"Nonattest Services" FASB Pipeline    11-6

Summary 11-8

Glossary

Index

Solutions

Chapter 1  Solutions 1

Chapter 2  Solutions 2

Chapter 3  Solutions 3

Chapter 4  Solutions 6

Chapter 5  Solutions 7

Chapter 6    Solutions 12

Chapter 7    Solutions 16

Chapter 8    Solutions 21

Chapter 9    Solutions 27

Chapter 10  Solutions 31

Chapter 11  Solutions 33