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A CPA may perform various attest services under relevant professional standards, including compilations, reviews and audits. Reviews and audits are also considered assurance services, providing either limited or reasonable assurance that financial statements are free of material misstatement. In addition, the CPA may perform non-attest services, such as bookkeeping or preparation of financial statements. CPAs must fully understand the professional responsibilities related to each of these varying levels of services, in order to effectively and efficiently satisfy engagement objectives.

Major Topics:

  • Compare and contrast the basis and requirements of preparing financial statements, compilations, reviews, and audits
  • Critical elements of compilation, review, and audit reports
  • Impact of special purpose accounting frameworks and other special issues
  • Exercise on designing inquiries and analytics in a review
  • Case study differentiating the scope of various non-attest and attest services
  • Avoiding litigation risks in accounting services

Learning Objectives

  • Explore and explain how to avoid litigation risk in bookkeeping services.
  • Explore and explain the basis and requirements for a compilation contrasted with preparing financial statements.
  • Discover and discuss special purpose framework and other issues.
  • Discover and describe the basis and requirements for a review.
  • Explore and explain the basis and fundamental requirements for an audit.
Last updated/reviewed: June 14, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 1 - Beginning Staff

  1. Professional Skepticism - Creating a Mindset for Finding Fraud and Error
  2. Audit Documentation - Creating Workpapers That Pass Review
  3. Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  4. The Audit Risk Model - Understanding Foundational Principles
  5. Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
  6. Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
  7. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
  8. Auditing Inventory - Performing Required Observations and Other Common Procedures
  9. Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
  10. Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
  11. AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course.
Designed For: Accountants who provide attest services, such as compilations, reviews, and audits.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  1:18Learning Objectives for Adapting to The Engagement
  16:14Best Practices for Non-Attest Services
  14:25Exercises Non-Attest Services Risk
  15:38Section 70, Preparation of Financial Statement
  11:30Section 80, Compilation Engagements
  12:47Section 90, Review Financial Statement
  12:58Section 90, Review Financial Statement Cont'd
  3:50Basis for an Audit
  11:30Exercise - Adapting to the Scope of Services
Continuous Play
  1:40:10Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
Supporting Materials
  PDFSlides: Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
  PDFAdapting to the Engagement - Differentiating the Requirements of Preparations Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM