Annual Update and Practice Issues for Preparation, Compilation, and Review Engagements

Hugh Parker, Ph.D., CPA, has more than 25 years of experience in accounting, auditing, business valuation, and litigation support in local and regional firms. He has taught CPA continuing education courses across the country, and has been recognized by the American Institute of Certified Public Accountants as an Outstanding CPE Instructor. His career includes experience teaching undergraduate and graduate accounting courses, Dean of the Else School of Management at Millsaps College and Executive Partner of HORNE LLP. Parker's volunteer service includes campaign chair of the Millsaps College Else School of Business, USM College of Business Advisory Board, Boys and Girls Clubs of Central Mississippi, Boy Scouts, Mississippi Special Olympics, and the Mississippi Symphony Orchestra.Kimberly Burke, Ph.D., is professor of accountingat the Dean at Millsaps College's Else School of Management. She oversees the undergraduate business program, an MBA program, an Executive MBA program, and a Master of Accountancy program. As an accounting professor, Dr. Burke has taught a variety of classes including undergraduate and graduate auditing, intermediate and advanced accounting, accounting information systems, principles of financial accounting and introduction to liberal studies. In 2008, she was recognized by the Carnegie Foundation for the Advancement of Teaching and the Council for Advancement and Support of Education as the Mississippi Professor of the Year. She has published in multiple publications including Advances in Accounting, Southern Economic Journal, Journal of Information Systems, Journal of Service Marketing and Internal Auditing.

• Chapter 1 1-1Introduction to Preparation, Compilation, and Review Engagements 1-1Reporting on financial statements 1-2Evolution of engagements to prepare financial statements 1-5Hierarchy of standards and guidance 1-7Quality control in engagements performed under SSARSs 1-10Peer review 1-14Summary 1-16Preparation engagements 1-17Chapter 2 2-1Current Economic Environment 2-1The U.S. business environment 2-2Implications of the current economy 2-5Summary 2-11Chapter 3 3-1Recent Statements on Standards for Accounting and Review Services Developments 3-1SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018 3-2SSARS Nos. 22–23, Compiling Pro Forma and Prospective Financial Information 3-14Summary 3-20Chapter 4 4-1Performing an Engagement to Prepare Financial Statements 4-1Objective and scope 4-2Performance requirements 4-4Documentation for engagements to prepare financial statements 4-8Summary 4-10Practice questions 4-11Chapter 5 5-1Performing Compilation Engagements 5-1Compilation framework and objectives 5-2Compilation performance standards 5-7Documentation for compilation engagements 5-10Summary 5-14Practice questions 5-15Chapter 6 6-1Performing Review Engagements 6-1Review general principles and objective 6-2Review performance standards 6-7Documentation for review engagements 6-15Change in level of service 6-19Summary 6-20Practice questions and case studies 6-21Chapter 7 7-1Engagement Administration Issues 7-1Independence 7-2QC Section 10: A Firm’s System of Quality Control 7-9Summary 7-15Chapter 8 8-1Compilation and Review Reporting Issues 8-1Common modifications to standard compilation reports 8-2Common modifications to standard review reports 8-4Reporting on supplementary and required supplementary information 8-5Emphasis-of-matter or other-matter paragraphs 8-7Summary 8-13Chapter 9 9-1Special Purpose Framework Financial Statement Issues 9-1Special purpose framework financial statements 9-2Practice questions 9-8Summary 9-9Chapter 10 10-1Current Accounting and Reporting Issues 10-1Common deficiencies in peer reviews 10-2Overview of FASB activities 10-9Summary 10-21Practice questions 10-22Chapter 11 11-1On the Horizon 11-1Resources 11-2ARSC pipeline 11-4FASB pipeline 11-6Summary 11-8Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 3Chapter 3 Solutions 4Chapter 4 Solutions 8Chapter 5 Solutions 11Chapter 6 Solutions 17Chapter 7 Solutions 23Chapter 8 Solutions 29Chapter 9 Solutions 37Chapter 10 Solutions 42Chapter 11 Solutions 44