This course covers the fundamentals you need to know to perform preparation, compilation, and review engagements. You will learn what distinguishes a preparation, compilation, and review engagement from a traditional audit. Then, after an overview of current Statements on Standards for Accounting and Review Services, you will walk through the steps of these engagements and work through practice questions and case studies to increase concept comprehension and retention.
Course ID: FCRE
Engagement Essentials: Preparation, Compilation, and Review of Financial Statements
- Identify the performance requirements associated with these engagements.
- Recall the standard compilation and review reports, as well as common modifications to the accountant’s report.
- Recognize the documentation requirements associated with these engagements.
- Preparation, compilation, and review engagement fundamentals
- Performance requirements for preparation, compilation, and review engagements, including compilation of prospective financial information and pro forma financial information
- Special purpose and other accounting frameworks
- Illustrative compilation and review reports
- Inquiry and analytical procedures
- Latest developments