Introduction to Review Engagements
2.00 Credits
Member Price $105
Non-Member Price $135
Overview
Review engagements, while more limited in scope than an audit, play an important role in providing users with limited assurance on financial statements. Conducting Review Engagements under SSARS introduces participants to the fundamental responsibilities, procedures, and documentation required under AR-C Section 90. This course explains the core concepts of planning a review, performing inquiries and analytical procedures, and preparing a proper review report. Through clear explanations and practical guidance, participants gain the foundational knowledge needed to understand how review engagements are performed and how they differ from audits and compilations.
Highlights
• Purpose and scope of review engagements under SSARS • AR-C Section 90 • Basic performance requirements, including inquiries and analytical procedures • Establishing an understanding with the client • Fundamental documentation requirements • Management’s responsibilities vs. the accountant’s responsibilities • Overview of the management representation letter • Introduction to going-concern considerations • Key elements of the review report
Prerequisites
None
Designed For
CPAs, public accountants, and accounting staff who are new to review engagements or need a foundational understanding of SSARS review requirements
Objectives
• Describe the basic purpose and requirements of a review engagement under SSARS. • Identify the fundamental procedures involved in performing a review, including inquiry and analytical procedures. • Explain the roles and responsibilities of management and the accountant in a review engagement. • Recognize the essential documentation and reporting requirements for a standard review engagement.
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