Preparation, compilation, and review engagements, 2019. (2019)

• Record Type: Book
• Further Information: Note: AICPA.
• Authors: AICPA
• Other Names: American Institute of Certified Public Accountants.
• Contents: 1 Review of Financial Statements .01-.241 Introduction .01-.03 Applicability .04 Consideration of Materiality in a Review Engagement .05-.11 Requirements .12-.236 General Principles for Performing and Reporting on Review Engagements .12 Professional Skepticism in a Review Engagement .13-.16 Engagement Level Quality Control in a Review Engagement .17-.21 Independence .22-.24 Preconditions for Accepting a Review Engagement .25-.30 Communications with Predecessor Accountants .31-.34 Agreement on Engagement Terms .35-.38 Understanding of the Industry .39 Knowledge of the Entity .40-.68 Designing and Performing Review Procedures .69-.72 Analytical Procedures .73-.113 Illustrative Analytics .114-.119 Inquiries and Other Review Procedures .120-.147 Illustrative Inquiries .148-.149 Reading the Financial Statements .150-.152 Reconciling the Financial Statements to the Underlying Accounting Records .153 Evaluating Evidence Obtained From the Procedures Performed .154-.157 Written Representations .158-.164 Communicating to Management and Others Regarding Fraud or Noncompliance with Laws and Regulations .165-.172 Reporting on the Financial Statements — General .173-.174 Reporting on Financial Statements Prepared in Accordance with a Special Purpose Framework .175-.179 Reporting on Comparative Financial Statements .180-.186 Reporting on Known Departures From the Applicable Financial Reporting Framework .187-.192 Emphasis-of-Matter and Other-Matter Paragraphs in the Accountant’s Review Report .193-.197 Alert That Restricts the Use of the Accountant’s Review Report .198-.201 Reporting on Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country .202-.205 The Accountant’s Consideration of an Entity’s Ability to Continue as a Going Concern .206-.207 Consideration of the Effects on the Accountant’s Review Report .208-.209 Subsequent Events and Subsequently Discovered Facts .210-.216 Initial Review Engagements — Opening Balances .217-.219 Reference to the Work of Other Accountants in an Accountant’s Review Report .220-.222 Supplementary Information That Accompanies Reviewed Financial Statements .223-.225 Required Supplementary Information .226-.228 Change in Engagement From Audit to Review .229-.233 Review Documentation .234-.236 Illustrative Engagement Letters .237 Illustrative Representation Letter .238-.240 Illustrative Accountant’s Review Reports on Financial Statements .241 2 Compilation of Financial Statements .01-.103 Introduction .01-.02 Applicability .03 Requirements .04-.87 General Principles for Performing and Reporting on Compilations of Financial Statements .04 Engagement Level Quality Control in a Compilation Engagement .05-.09 Independence .10-.11 Preconditions for Accepting a Compilation Engagement .12-.17 Agreement on Engagement Terms .18-.21 Knowledge and Understanding of the Entity’s Financial Reporting Framework .22-.26 Reading the Financial Statements .27 Other Compilation Procedures .28-.35 Reporting — General .36-.37 Reporting — Financial Statements Prepared in Accordance with a Special Purpose Framework .38-.41 Reporting — Financial Statements that Omit Substantially All the Disclosures Required by the Applicable Financial Reporting Framework .42-.50 Reporting — Comparative Financial Statements .51-.63 Reporting — When the Accountant is Not Independent .64-.66 Reporting — Known Departures From the Applicable Financial Reporting Framework .67-.72 Reporting — Supplementary Information That Accompanies Financial Statements and the Accountant’s Compilation Report Thereon .73-.75 Reporting — Required Supplementary Information .76-.78 Reporting — Alert That Restricts the Use of the Accountant’s Compilation Report .79-.80 Reporting — Emphasis-of-Matter or Other-Matter Paragraphs .81 Reporting — Financial Statements Prepared in Accordance with a Prescribed Format .82-.87 Compilation of Specified Elements, Accounts, or Items of a Financial Statement .88-.91 Change in Engagement From Audit or Review to a Compilation Engagement .92-.97 Documentation Requirements .98-.100 Illustrative Engagement Letters .101 Illustrative Examples of the Accountant’s Compilation Report on Financial Statements .102 Exhibit — Compilation Reporting Requirements When Independence is Impaired .103 3 Preparation of Financial Statements .01-.50 Introduction .01 Applicability .02-.07 Independence .08-.09 Requirements .10-.49 General Principles for Performing Engagements to Prepare Financial Statements .10 Engagement Level Quality Control in an Engagement to Prepare Financial Statements .11-.15 Preconditions for Accepting an Engagement to Prepare Financial Statements .16-.18 Agreement on Engagement Terms .19-.22 Knowledge and Understanding of the Entity’s Financial Reporting Framework .23-.27 Preparing the Financial Statements .28-.34 Preparation of Financial Statements in Accordance with a Special Purpose Framework .35-.36 Preparation of Financial Statements That Contain a Known Departure or Departures From the Applicable Financial Reporting Framework .37-.38 Preparation of Financial Statements That Omit Substantially All Disclosures Required by the Applicable Financial Reporting Framework .39-.41 Preparation of Financial Statements Included in a Prescribed Form .42-.44 Communication with Management .45-.46 Documentation Requirements .47-.49 Illustrative Engagement Letters .50 4 Compilation of Pro Forma Financial Information .01-.24 Introduction .01 Applicability .02-.03 Requirements .04-.22 General Principles for Compilations of Pro Forma Financial Information .04-.06 Acceptance and Continuance of Client Relationships .07-.09 Agreement on Engagement Terms .10-.13 The Accountant’s Knowledge and Understanding of the Entity’s Financial Reporting Framework .14 Compilation Procedures .15-.16 The Accountant’s Compilation Report on Pro Forma Financial Information .17-.20 Documentation .21-.22 Illustrative Engagement Letter for a Compilation of Pro Forma Financial Information .23 Illustrative Accountant’s Compilation Report on Pro Forma Financial Information .24 5 Preparing or Performing a Compilation or Review of Personal Financial Statements .01-.26 Introduction .01 Accounting Considerations .02-.05 Internal Control with Respect to Personal Financial Statements .06-.08 Agreement on Engagement Terms .09-.11 Fraud and Illegal Acts in an Engagement to Prepare or in a Compilation or Review of Personal Financial Statements .12-.14 Representation Letters .15-.17 Compilation and Review Reports on Personal Financial Statements .18-.20 Departures From the Applicable Financial Reporting Framework .21-.22 Illustrative Engagement Letters .23 Illustrative Representation Letter .24-.25 Illustrations of Accountant’s Compilation and Review Reports on Personal Financial Statements .26 6 Special Considerations — International Reporting Issues .01-.26 Introduction .01-.02 Applicability .03-.04 Requirements .05-.24 Considerations When Accepting the Engagement .05-.09 Compilation or Review of Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country .10-.13 Application of Another Set of Compilation or Review Standards .14-.16 Reporting .17-.24 Illustrative Examples of the Accountant’s Compilation and Review Report on Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country Performed in Accordance with SSARSs an
• Edition: 2nd
• Publisher Details: Hoboken, New Jersey : John Wiley & Sons, Inc
• Publication Date: 2019
• Extent: 1 online resource
• Subjects: 657; Accounting -- Standards -- United States; Auditing -- Standards -- United States
• Languages: English
• ISBNs: 9781948306713
• Related ISBNs: 9781119679288
• Notes: Note: Description based on CIP data; resource not viewed.
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.