Comps, Reviews & Preparations-How the Accounting Profession Got it Right 2024

Overview

In the beginning, CPA practitioners offered two types of attest services: audits and unaudited engagements. Auditors had plenty of authoritative guidance for choosing their auditing procedures and issuing reports but minimal guidance on performing and reporting on their unaudited engagements. In a landmark litigation in the 1960s, a CPA practitioner failed to detect an obvious fraud, ultimately leading to the AICPA creating well-defined, positive standards that birthed the Compilation and Review services in 1978.

Highlights

• General Principles applicable to all SSARS engagements • Compilations • Reviews • Preparations

Prerequisites

Experience with compilations or reviews.

Designed For

Partners, managers and accountants looking to expand and update their understanding and knowledge.

Objectives

• Review the evolution of the Compilation and Review standards into its current SSARS 21 format • Examine the key requirements of Sections 60-90 of SSARS 21 to support its practical application in performing Compilations, Reviews and Preparations

Preparation

None