Performing a Review Engagement Part I

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Overview

2.0 Credits
ONLINE

This innovative CPE course has been designed to provide a convenient, accessible way for firms to train their staff in this area of practice. With the introduction of SSARS No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification, this area of practice will be experiencing a level of change not seen in over 30 years. This CPE course provides fundamental training on the performance standards associated with review engagements. This enhanced learning program combines real-world examples, practice exercises, case studies, and a "learning coach", to create a flexible, engaging learning experience.

Objectives

  • Identify the performance standards for a review engagement.
  • Recognize the minimum documentation requirements for a review engagement.
  • Recall the forms and checklists typically used in a review engagement.
  • Compare the change in level of service from an audit to a review.

Major Topics

  • Accepting or continuing a client relationship
  • Establishing an understanding with the client
  • Obtaining knowledge of the industry and client's business
  • Obtaining sufficient appropriate review evidence
  • Different sources of review evidence
  • Reading the financial statements to ensure that they are correct in form and free from obvious error
  • Communicating information with management or those charged with governance
  • Documenting the review engagement using a work program, bridging documents, forms, and checklists
  • Changes in the level of service from audit to review

Designed For

CPA firm staff members that perform review, compilation and financial statement preparation engagements
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