Preparing and Reviewing Client Prepared Financial Statements and General Attest Engagements

Overview

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.

Objectives

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)

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

Designed For

Accountants who perform compilations, reviews, and other attestation engagements

Prerequisites

Understanding of key differences between assurance, attestation, and audit engagements

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy. https://www.ctcpas.org/events/cpe-policies

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Thomas Newell Jr.

Leader Bios

Thomas Newell Jr.

Thomas E. Newell, Jr., CPA Columbus, Georgia Thomas E. Newell, Jr. (Tom) is a shareholder in the firm of Newell & Newell, P.C., which is located in Columbus, GA. Tom started the firm with his wife, Silvia Newell, CPA in 1986. Prior to that, his public accounting experience included both local firms and international firms. Tom has performed hundreds of peer reviews and has been involved with the peer review program since 1989. Tom served on the Georgia Society (GSCPA) peer review committees from 1989 to 1993. In 1993, he was selected to be one of the technical reviewers for the Georgia Society Peer Review Program and served for nine years. During his time as technical reviewer, Tom worked with the GSCPA to move the peer review committee from in-person to online meetings. Tom has also served several years on the accounting and auditing committee at the Georgia Society. Tom has been a presenter at conferences and CPE courses for over 30 years. He has been a frequent presenter for the Georgia Society of CPAs at the Southeastern Accounting Show, Tax Forum (A&A topics), and the Accounting Institute. Tom is also a discussion leader for various continuing education courses on A&A topics for other state societies. He has made presentations at Fortune 500 companies and several government agencies on accounting and auditing, internal controls, and cybersecurity. As a presenter, Tom has been described as a dynamic speaker who is able to take a boring topic (accounting and auditing) and make it interesting. He was awarded the Surgent Outstanding Discussion Leader Award in 2015, 2016, and 2018, as a result of these skills. Tom was recognized in 2018 by the AICPA as an Outstanding Facilitator for his consistently high evaluations of knowledge and presentation skills. As the world of presentations has been changing, Tom has been a champion of moving to virtual presentations. He was involved in the early years of simulcasting by various state CPA societies, as well as the recording of video and audio self-study courses. Tom is now prepared for the next wave of change toward the totally virtual classroom that simulates a true live classroom experience. Tom graduated cum laude from Georgia Southwestern College in Americus, GA in 1980.

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