Preparing and Reviewing Client-Prepared Financial Statements and General Attest Engagements (PRF4)
4.00 Credits
Member Price $175
Non-Member Price $225
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.
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
- 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)
Leader(s):
Leader Bios
Daryl Krause
Daryl G. Krause, CPA, has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his CPA firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl has led more than 100 courses for the AICPA in 27 states and the District of Columbia. He also performs technical reviews during the development of certain AICPA courses.
Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work.
As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes.
He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.
Non-Member Price $225
Member Price $175