This course offers a review of standards for preparation services, accountants' risks, and strategies to minimize risks. The goal of this course is to ensure that you have current knowledge and understanding of the AICPA’s professional standards for the preparation of financial statements and can apply them to reduce the risk of material misstatements, whether caused by fraud or error. It will also cover guidance in professional judgments to provide these services. Taken with the 4-hour course Small-Business Financial Statements (FRF), attendees will meet the 8-hour accounting CPE requirement for accountants who prepare financial statements but perform no audits, reviews or compilations.
Learning Objectives
• Identify AICPA's professional standards for preparations of financial statements
• Recognize ways to apply professional standards to reduce the risk of material misstatements, whether caused by fraud or error
Major Topics
• Misstatements
• Materiality
• Related parties
• Going concern uncertainties
• Client acceptance and continuation
• Engagement letters
• Prospective financial statements
• Documentation
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