Bisk CPEasy - America's Best Selling CPE Programs for Public & Industry CPAs Since 1971
About CPEasy    Inquiries    Free Demo    Noted Authors    Learning Formats    FAQ    Contact Us    News
Bisk CPEasy - America's Best Selling CPE Programs for Public & Industry CPAs Since 1971
 
855-300-9391
Login
Forgot Username/Password? Already have an account? Click below to login:
New user? Please register to get an account:
Cart
Total $0.00
CPE Shopping Cart Cart contains 0 items
View Cart  |  
Product Search


Advanced Search:



855-300-9391
 
Home > Accounting & Auditing > Compilation & Review Guide
Prerequisite
None
Knowledge Level
Basic
Copyright 2014

Publication Date
March, 2014
Compilation & Review Guide
Introduction Organization Learning Objectives Author Bios

Title: Compilation & Review Guide
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Auditing
Date of Publication: March 2014
Copyright© 2014 by Thomson Reuters/Tax & Accounting All rights reserved.
Recommended CPE Credits:  
     Textbook w/Video Online: 16 QAS/Registry (based on 50-minute hour)
     Textbook Only & Online: 12 QAS/Registry (based on 50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher


This program provides accountants with guidance on compilation and review engagements. Although there are fewer authoritative standards for these engagements, they far outnumber the quantity of audits performed each year. The standards and applicable guidance to these engagements is provided in the introductory chapter. The performance of compilation and review engagements is discussed and separate chapters on reporting are included. Accounting bases other than GAAP are considered and compilation and review engagements on financial statements under these bases are the topic of another chapter. Reporting on specified elements, pro forma financial information, and personal financial statement engagements are also included in this program.

A Bisk CPEasy alert is other comprehensive bases of accounting" (OCBOA) are also known as "special purpose frameworks." The AICPA's Statements on Auditing Standards use the term "special purpose framework," whereas the Statements on Standards for Accounting and Review Services use the term "other comprehensive bases of accounting" or OCBOA.


Use of Materials

DVD
The user should begin by watching the DVD 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. 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 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 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.



This program is divided into eleven (11) chapters, a glossary, five (5) appendices, and a topical index.

Chapter 1 introduces the user to the topic of compilation and review engagements. A brief history of these engagements and the applicable standards are provided.

Chapter 2 concerns planning these engagements and considerations in accepting clients. Additionally, practitioners receive guidance on administration of these types of engagements.

Chapter 3 covers the details of conducting a compilation engagement and specific aspects that an accountant must perform in conducting an engagement of this type.

Chapter 4 provides guidance on the standard compilation report as well as alternative reports that may result from certain issues.

Chapter 5 discusses the performance of review engagements. A review consists principally of inquiries and analytical procedures. The type of procedures used will vary depending on the circumstances.

Chapter 6 is similar to Chapter 4 in that it discusses the standard report and reporting differences due to issues arising during the engagement, however, this chapter provides guidance on review reports.

Chapter 7 looks at comprehensive bases of accounting other than generally accepted accounting principles, or GAAP, and the reporting on financial statements prepared under these bases in a compilation/review engagement.

Chapter 8 looks at the independence issues involved in compilations and reviews.

Chapter 9 concerns personal financial statement engagements. The basis on which personal financial statements are reported and the authoritative guidance that exists are discussed.

Chapter 10 discusses compilation of specified elements, accounts, and items of a financial statement.

Chapter 11 discusses compilation of pro forma financial information.

Glossary The Glossary defines frequently used key terms.

Appendix The five appendices provide examples of checklists, illustrations, and inquiries supporting reviews and compilations.


Helpful Guidance

Throughout this publication, 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 publication includes the following designations:

A Bisk CPEasy alert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.

A Bisk CPEasy point presents analysis or commentary that attempts to explain or clarify authoritative guidance.

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

Upon successful completion of this program, the user should be able to:

  • Discuss the applicability of Statements on Standards for Accounting and Review Services (SSARS) to various types of professional services

  • Explain the guidance regarding a change in the of level of service

  • Explain the objective and requirements of a compilation of financial statements

  • Discuss changes in the report resulting from departures from GAAP

  • Discuss the professional standards for a review engagement

  • Explain the impact of a lack of independence on a review engagement

  • Discuss the responsibilities of continuing, predecessor, and successor accountants in review engagements

  • Explain the considerations and impact of changing the level of service

  • Explain what specified elements, accounts, or items of a financial statement are

  • Discuss the types of engagements that can be performed on specified elements

  • Explain what pro forma financial information is

  • Discuss the purpose of pro forma financial information

  • Describe how to compile and report on pro forma financial information



J. Russell Madray, CPA, CIA, CMA, CFM, is a Senior Lecturer in the School of Accountancy and Finance at Clemson University, one of the country's most selective public research universities. He also serves as Scholar-in-Residence at Elliott Davis, in Greenville, SC. With nine offices across four states, Elliott Davis is one of the largest accounting, tax and consulting services firms in the Southeast and ranks among the Top 50 CPA firms in the U.S. With more than 25 years of professional experience, including stints at two Big 4 accounting firms, Russ Madray is a nationally-known accounting and auditing thought leader, writer, and advisor helping CPAs throughout the country understand and implement technical accounting and auditing issues. As an author, Russ is responsible for several of the profession's best-selling books. He also authors many of the AICPA's publications and is a frequent contributor to the Journal of Accountancy. In addition, he authors the Bisk monthly Accounting and Auditing Report, the widely-used monthly update of accounting and auditing issues that is distributed nationally to CPAs in public practice and industry. Mr. Madray earned a B.S. in Accounting from Clemson University in 1986 and a Master of Professional Accountancy from Clemson University in 1988. He is a certified public accountant, a certified global management accountant, a certified internal auditor, a certified management accountant, and a certified financial manager. He is a past member of the AICPA's Accounting and Review Services Committee and has served on several other AICPA and state-level committees and boards. (Author/Speaker)

Kurt G. Oestriecher, CPA, is a partner with Oestriecher & Company of Alexandria, Louisiana. Mr. Oestriecher is partner in charge of accounting and auditing services, and is also involved in litigation support and small business consulting engagements. In addition to his client responsibilities, Mr. Oestriecher has served as a discussion leader for numerous accounting and auditing courses. Mr. Oestriecher was presented the 1998, 2005, and 2010 Outstanding Discussion Leader Award by the LCPA, and has received the AICPA Outstanding Discussion Leader Award in 2006, 2007, 2008, 2009, 2010, and 2011. Mr. Oestriecher is a member of the AICPA and the Louisiana Society of CPAs (president, 2002). He is currently serving a three-year term on the AICPA Council, and has previously served on the AICPA Accounting and Review Services Committee (2000-2004) and the AICPA Joint Trial Board (2005-2011). (Speaker)



Buy Now
Select your learning format 
Qty. FormatCreditsProduct # Unit Price Ext Price
342 Online16ONL7835 $179.00
2167 TextBooks12CPE7832B $145.00
2180 Video DVD16CPE7831DQ $249.00
 
Site Search
CheckPoint Learning Virtual Conferences
New Tax Research Certificate Program
Firm-wide Training with CPE Network
Free Weekly Podcasts
Monthly News Reports
CPE for Certified Financial Planners
CyberSource Logo

Security & Privacy
Every transaction on CPEasy.com is secure. Any personal information you give us will be handled according to our Privacy Policy.

Returns Are Easy
Not quite right? Access our return policy by clicking Return Policy.
CPE Sponsors Logo
Bisk CPEasy is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Enrolled Agents Sponsor ID Number: 1KOBG. We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.