Introduction to Compilation Engagements
2.00 Credits
Member Price $105
Non-Member Price $135
Overview
Compilation engagements are often the first financial statement service that accounting professionals learn to perform. This introductory course provides a clear, easy-to-understand foundation for conducting compilation engagements under SSARS. Participants will learn what a compilation is, when it is used, the responsibilities of management and the accountant, and the essential elements of a standard compilation report. Through straightforward explanations and practical examples, the course helps new practitioners gain confidence in preparing financial statements without providing assurance.
Highlights
• Compilation engagement requirements under SSARS • AR-C Section 80 • Roles and responsibilities of management and the accountant • Reporting considerations, including special purpose frameworks and report modifications • Compiling pro forma and prospective financial information • Best practices for engagement letters, documentation, and avoiding peer review issues
Prerequisites
None
Designed For
CPAs, public accountants, and accounting professionals who perform or supervise compilation engagements
Objectives
• Describe the performance and documentation requirements for compilation engagements in accordance with SSARS, including procedures related to engagement acceptance, client understanding, and report preparation. • Identify situations that require modifications to a standard compilation report, including the effects of omitted disclosures, special purpose frameworks, and known departures from the financial reporting framework. • Differentiate among compilation engagements for full financial statements, specified elements, pro forma financial information, and prospective financial information, including their respective reporting and disclosure requirements.
Leader(s):
Leader Bios
Daryl Krause
Daryl G. Krause, CPA, has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his CPA firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl has led more than 100 courses for the AICPA in 27 states and the District of Columbia. He also performs technical reviews during the development of certain AICPA courses.
Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work.
As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes.
He served in E&Y’s National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.
Non-Member Price $135
Member Price $105