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

A practice-oriented review of the latest developments related to SSARS Nos. 21-24, this title includes a wide range of issues, including: Developments in the conceptual framework New and proposed independence interpretations Consideration of materiality in a review engagement Going concern considerations Restatement of prior year financial statements

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 1-10 Peer review 1-14 Summary 1-16 Preparation engagements 1-17 Chapter 2 2-1 Current Economic Environment 2-1 The U.S. business environment 2-2 Implications of the current economy 2-5 Summary 2-11 Chapter 3 3-1 Recent Statements on Standards for Accounting and Review Services Developments 3-1 SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018 3-2 SSARS Nos. 22–23, Compiling Pro Forma and Prospective Financial Information 3-14 Summary 3-20 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 6-7 Documentation for review engagements 6-15 Change in level of service 6-19 Summary 6-20 Practice questions and case studies 6-21 Chapter 7 7-1 Engagement Administration Issues 7-1 Independence 7-2 QC Section 10: A Firm’s System of Quality Control 7-9 Summary 7-15 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 8-13 Chapter 9 9-1 Special Purpose Framework Financial Statement Issues 9-1 Special purpose framework financial statements 9-2 Practice questions 9-8 Summary 9-9 Chapter 10 10-1 Current Accounting and Reporting Issues 10-1 Common deficiencies in peer reviews 10-2 Overview of FASB activities 10-9 Summary 10-21 Practice questions 10-22 Chapter 11 11-1 On the Horizon 11-1 Resources 11-2 ARSC pipeline 11-4 FASB pipeline 11-6 Summary 11-8 Glossary Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 3 Chapter 3 Solutions 4 Chapter 4 Solutions 8 Chapter 5 Solutions 11 Chapter 6 Solutions 17 Chapter 7 Solutions 23 Chapter 8 Solutions 29 Chapter 9 Solutions 37 Chapter 10 Solutions 42 Chapter 11 Solutions 44