Preparing and Reviewing Client-Prepared Financial Statements and General Attest Engagements (PRF4)
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Virtual
4.00 Credits
Member Price $219.00
Non-Member Price $309.00
Overview
You could pay $0 for this course!
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.This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-11353. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.
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)
Preparation
None
Leader(s):
Leader Bios
Renee Rampulla, American Institute of CPAs
Renee Rampulla has over twenty years of professional experience. She writes, lectures, and consults on technical accounting and auditing issues. Renee has extensive experience in the auditing of public and privately held entities ranging from the manufacturing and service sectors, to financial services. Previously she 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. Renee is the president and founder of Rampulla Advisory Services, LLC. Her clients include nationally recognized professional organizations, accounting firms, companies, publishers and others. By devoting several years of her career at both regional and Big Four accounting firms Renee accumulated a wealth of technical and practical knowledge. In addition, she was a senior staff member of the American Institute of Certified Public Accountants (AICPA). At the AICPA Renee worked closely with senior technical committees, presented technical guidance before standard setters, and authored and updated several authoritative and non-authoritative publications. For several years Renee was an adjunct lecturer at a university in New York City where she taught numerous undergraduate accounting and auditing courses. Renee enjoys teaching and is an instructor and author of several continuing professional education courses for the New York State Society of Certified Public Accountants’ (NYSSCPA) Foundation for Accounting Education (FAE) and other organizations, covering a variety of accounting and auditing topics. Renee holds a BBA in Public Accounting from Bernard M. Baruch College. She is a member of the AICPA, the NYSSCPA, the New Jersey State Society of Certified Public Accountants (NJSCPA), the Institute of Management Accountants, the American Woman’s Society of Certified Public Accountants, and the Association of Certified Fraud Examiners. Renee serves as a committee member of the NYSSCPA’s Professional Ethics committee. She is currently the vice-leader of the NJSCPA’s Accounting and Auditing Standards Interest Group, becoming leader in June 2012. Previously she served as co-chair of the NJSCPA Accounting Standards and IFRS sub-committee interest groups.
Non-Member Price $309.00
Member Price $219.00