2.5 CPE This course is a premium course it can be accessed either by individual purchase or through a premium subscription
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.
Included In Certifications
This course is included in the following Certification Programs:
13 CoursesAudit Training Certification - Level 1 - Beginning Staff
- Professional Skepticism - Creating a Mindset for Finding Fraud and Error
- Audit Documentation - Creating Workpapers That Pass Review
- Adapting to the Engagement - Differentiating the Requirements of Preparations, Compilations, Reviews, and Audits
- The Audit Risk Model - Understanding Foundational Principles
- Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation
- Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit
- Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
- Auditing Inventory - Performing Required Observations and Other Common Procedures
- Analytical Procedures - Comprehending Financial Statement Audit Fundamentals
- Audit Reporting Fundamentals - Introducing Core Concepts in the Audited Financial Statement Drafting and Issuance Process
- AICPAs Code of Professional Conduct - Exploring the Foundational Principles Underlying the CPA Profession as a Whole
- Accounting Update - Hot Topics for Preparing Current Period Financial Statements
- Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
4 Reviews (12 ratings)
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Prerequisites
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
Course Questions and Answers1 Question
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Hi Jennifer, Thank you for this wonderful course, I have a question from one of the final exam, you said review gives a limited assurance while audit gives reasonable assurance report. When I took the exam one of the question was based on that but the answer stated both review and audit have reasonable assurance.