Preparing & Reviewing Client-Prepared Financial Statements & General Attest Engagements
Overview
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The ultimate objective of a financial statement audit is to issue the independent auditor’s report. Reviews and preparations are different. This course discusses the review and preparation process, introduces key elements of financial statements, and provides best practices for auditors who either prepare or review the client’s financial statements. Most CPA firms perform some level of compilation and review engagements, and some perform engagements under attestation standards. This course provides a deep dive into the most frequently missed issues in compilations and reviews engagements. We will also focus on attestation engagements and the various types of engagements a CPA can perform.
Highlights
- Objective of financial reporting.
- Interrelationships of financial statements and disclosures.
- Accounting changes.
- Financial statement preparation and review process.
- Best practices for financial statement preparation and review.
- Frequently missed issues in compilation and review engagements as noted by peer reviewers.
- Understand how to comply with AR-C 100 on International Standards and AR-C 120, Compilations of Pro forma Information.
- Introduction to attestation standards (AT).
- Performing attestation examination engagements.
- Performing attestation review engagements.
- Performing agreed-upon procedures.
Prerequisites
Understanding of key differences between assurance, attestation and audit engagements.
Designed For
Accountants who perform compilations, reviews and other attestation engagements.
Objectives
At the end of this course, you will be able to-
- Explain the key elements and variations of the auditor’s report.
- Understand the appropriate treatment for accounting changes and error corrections.
- Discuss the basic financial statements, their key elements and required disclosures.
- Understand the Codification layout and be able to perform research on presentation and disclosure issues that arise.
- Use a framework to prepare or review client prepared financial statements.
- Identify best practices for financial statement preparation or review of client prepared financial statements.
- Recall SSARS basics.
- Understand advanced SSARS reporting issues, such as complying with international standards and preparing compilations of pro forma information.
- Explain how to avoid peer review deficiencies in compilation and review engagements.
- Identify the distinction between different levels of engagements performed in accordance with the attestation standards (examinations, reviews, and agreed-upon procedures).
Preparation
None
Leader(s):
Leader Bios
Renee Rampulla
Renee Rampulla, Founder, Rampulla Advisory Services, LLC
Renee Rampulla, CPA, CGMA, is the managing member and founder of Rampulla Advisory Services, LLC, with over 30 years of experience in accounting, auditing, and professional ethics. She is a national standard-setter serving on the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board.
She is a frequently requested and nationally recognized speaker and a five-time recipient of the AICPA's Outstanding Instructor Award, a recipient of the 2016 New Jersey Society of CPAs "Women of Note" and in November 2023 received the "Samuel A. Dyckman, Excellence in Education Award" from the National Conference of CPA Practitioners. Renee has taught over 1,100 continuing professional education (CPE) courses.
She is the author of several accounting and auditing publications and continuing professional education courses for the AICPA, various State Societies, and numerous other organizations. Renee writes and lectures on technical accounting, auditing, and professional ethical issues. She has experience in the auditing of public and privately held entities ranging from the manufacturing and service sectors to financial services.
Renee was a partner in a regional accounting firm in the northeast in charge of the firm's accounting and auditing practice and their quality control group. By devoting several years of her career to both regional and Big Four accounting firms Renee accumulated a wealth of technical and practical knowledge. In addition, while working for the AICPA, she performed professional ethics investigations; collaborated closely with senior technical committees; presented technical guidance before standard setters; and authored and updated several AICPA publications.
In 2022 Renee completed a three-year term as a member of AICPA council and served on the AICPA's Ethics Enforcement Committee. She has served as Vice President of Professional Issues for the New York State Society of CPAs (NYSSCPA), is a past member of the NYSSCPA Executive Committee and former NYSSCPA Director at Large board member. Renee Rampulla has also chaired the NYSSCPA's Professional Ethics and Nominating Committees and is the Past President of the NYSSCPA's Staten Island Chapter. She has served in several other leadership positions for the NYSSCPA and continues to serve on many NYSSCPA committees. Renee has also served in leadership roles with the New Jersey Society of CPA (NJCPA) such as Chair and Vice-chair of the NJCPA Accounting and Auditing Standards Interest Group; Co-Chair of the NJCPA Accounting Standards and IFRS sub-committees and as a member of the NJCPA Audit and Professional Conduct committees.
For several years Renee was an adjunct lecturer at Hunter College, a City University of New York City, teaching various undergraduate accounting, auditing, and research courses.
Non-Member Price $329.00
Member Price $229.00