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Home > Accounting & Auditing > Compilation & Review Guide
Prerequisite
None
Knowledge Level
Basic
Copyright 2013

Publication Date
April, 2013
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: April 2013
Copyright © 2013 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 12/16 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.

Bisk Alert

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 and five (5) appendices.

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.

The Appendices provide examples of checklists, illustrations, and inquiries supporting reviews and compilations.

Helpful Guidance

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 Biskalert 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 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.



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 president of The Madray Group, Inc., which helps businesses, accounting firms, and other organizations understand and implement technical accounting and auditing issues. The Madray Group, Inc. specializes in providing technical reviews, inspection services, and technical assistance to small and medium size accounting firms throughout the U.S. As an author, Mr. Madray 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 speaks to hundreds of groups each year on accounting and auditing topics and has made presentations in more than 40 states and several foreign countries. Mr. Madray has more than 25 years of professional experience, including 15 years in public practice. He is a past member of the AICPA's Accounting and Review Services Committee and a past member of the Board of Directors of the South Carolina Association of CPAs. In 1996, he formed The Madray Group to support and facilitate the range of services offered by CPAs to their clients and to assist CPA firms in meeting the changing needs of their profession. (Author/Speaker)

Thomas A. Ratcliffe, PhD, CPA (TX), is a national-scope accounting and auditing thought leader, writer, and advisor helping CPAs throughout the country understand and appropriately implement the accounting and attest engagement authoritative technical literature. Tom served as a member of the Auditing Standards Board (ASB), the AICPA senior technical committee responsible for developing auditing, attestation, and quality control standards, during the development of the clarified and converged auditing and quality control standards. During his tenure with the ASB, Tom also served as a member of the Audit Issues Task Force (AITF). Prior to joining the ASB, Tom served as Chair and as a member of the AICPA Accounting and Review Services Committee (ARSC), and he served on the AICPA Council. He also is the primary contributing author to the AICPA Guide for Compilation and Review Engagements. He served as a founding member of the Private Company Financial Reporting Committee (PCFRC). In addition to many other service roles, Tom still serves as a member of the Auditing Panel for The Journal of Accountancy. Tom serves as the accounting and auditing technical advisor to six different associations of CPA firms. He authors the Bisk Education 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. Also, Tom is a regularly-featured speaker through web-based programs, including those offered through his Plain-English Accounting membership program. Tom earned his Ph.D. at The University of Alabama. He has published more than 100 technical works in accounting and auditing, including several books and other documents that are widely-utilized in practice. In 2004, based on both the quality and the quantity of his publications, Tom was recognized as one of the most prolific authors in the accounting profession. Tom has received numerous research and teaching awards throughout his career, including the Alabama Society of CPAs Outstanding Professional Educator award. After winning that award for seven consecutive years, the Alabama Society of CPAs renamed the award in his honor, and he no longer is eligible to receive the award. In addition to his advisory and technical consulting roles with the various associations for firms, Tom serves as senior accounting and auditing technical advisor for Warren Averett, LLC, and he is Director Emeritus of the School of Accountancy at Troy University. The combination of his experiences as a practitioner and as an educator enables him to explain complex practical issues in a manner that is easily understood by fellow practitioners (Speaker)



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