While the Auditing Standards Board continued to release new guidance at a slower pace in 2009 to allow practitioners additional time to implement the Risk Assessment Suite of Auditing Standards, the Board also continued its work with the International Auditing and Assurance Standards Board in converging the U.S. and international auditing literature.

The Accounting and Review Services Committee finalized new authoritative literature, which effectively shifted certain review engagement guidance into the auditing literature, and brought significant changes to performance and reporting requirements for both compilation and review engagements. The program will begin with a look at the auditing guidance that was implemented during the year, as well as the efforts involved in the overall Clarity project. Next, the program will cover the new compilation and review guidance of SSARS Nos. 18 and 19. The program will close by taking a look at the recent guidance established by the AICPA Professional Ethics Executive Committee and the actions of the SEC related to extending the exposure period of the IRFS Roadmap.

Some subscribers to the Bisk Audio Accounting and Auditing Report may not be eligible for credit for this course.

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the audio CDs and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Software
The user should begin by reviewing the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. As the user studies each chapter, s/he should complete the interactive study questions that appear in the lower panel of the screen. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text that were difficult. When the user is ready, s/he should click on the link at the far left to complete the quizzer. The user should email her/his quizzer statistics using the quizzer submission link in the software and the user's CPE certificate will be mailed to her/him.

Chapter 1 provides a discussion of the SAS guidance that was released and/or became effective during the year, as well as some international guidance issues.

Chapter 2 focuses specifically on the SSARS guidance that was released and/or became effective during the year to aid practitioners in compilation and review engagements.

Chapter 3 takes a look at some of the recent guidance established by the AICPA Professional Ethics Executive Committee for compliance with the Code of Professional Conduct, as well as some of the SEC actions related to extending the exposure period of the IFRS Roadmap.

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

• Discuss the new audit guidance

• Recognize the importance of some recently released practice aid guidance developed by the IAASB in an effort to help practitioners understand issues associated with fair value measurements, both in the U.S. and globally, especially in light of current economic circumstances

• Explain the views related to whether there is any need for differential auditing guidance when practitioners are engaged to audit financial statements of smaller reporting entities

• Explain how reports on the design of internal control can be constructed, along with how the new authoritative guidance changes the scope and applicability of certain attest engagement technical literature

• Discuss some continuing performance and reporting issues, as well as certain documentation issues, for compilation and review engagements

• Explain the authoritative technical literature issued by both the Auditing Standards Board and the Accounting and Review Services Committee

• Discuss some recent guidance established by the AICPA Professional Ethics Executive Committee related to compliance with Rules 102 through 505 of the Code of Professional Conduct

• Explain the practice issues involved with performing nonattest services as well as attest engagements for a client, and how the performance of certain internal control-related services could potentially impact independence

• Explain the SEC actions related to extending the exposure period of the IFRS Roadmap and enhancing both the number and the quality of responses previously received

J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, Inc., which specializes in knowledge transfer. Through a combination of technical writing, training, and targeted consulting, The Madray Group helps businesses, accounting firms, and other organizations understand and implement technical accounting and auditing issues. Mr. Madray earned an undergraduate degree in Accounting and a Master of Professional Accountancy from Clemson University. He is a past member of the AICPA Accounting and Review Services Committee and a current member of the Board of Directors of the SC Association of CPAs. He is the author of numerous publications and articles on accounting and auditing topics, including the AICPA's Compilation and Review Alert. In addition, he speaks to hundreds of groups each year on accounting and auditing topics and has made presentations in more than 40 states. He has more than 15 years of professional experience, including 10 years in public practice. In 1996, he formed The Madray Group to support and facilitate the range of services offered by CPAs to their clients and to enable CPAs to meet the changing needs of their profession. Mr. Madray also serves as a senior lecturer at Clemson University's School of Accountancy and Legal Studies. (Speaker)