New guidance for compilations, review and preparation of financial statements under SSARS No. 21. Overview of differences between compilation and other engagements performed by the CPA. Activities and procedures required to perform compilations and reviews of financial statements. Professional standards and risk factors to be considered when planning compilations and reviews. SSARS No. 19 and other recent developments which affect these engagements. Examples of reports, both in English and Spanish.
Objective:
Upon completion of this course participants will be able to:
1. Describe the most commonly used analytical procedures.
2. Explain the requirements for both, use and documentation of analytical procedures.
3. Explain the use of analytical procedures in fraud detection.
4. Mention at least three "red flags".
5. Use analytical procedures in a case study.