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. This auditing CPE course will guide CPAs on avoiding litigation risk, basic requirements for compilations, and more.
Learning Objectives
Upon completion of this course, participants will be able to:
Explain how to avoid litigation risk in bookkeeping services
Recall the basis and requirements for a compilation contrasted with preparing financial statements
Identify special purpose framework and other issues
List the basis and requirements for a review
Explain the basis and fundamental requirements for an audit
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
