This course provides an overview of standards for preparation services, accountants' risks, and strategies to minimize risks. The course objective is to furnish current guidance and examples from the AICPA’s professional standards for financial statement preparation so that you can apply these to reduce the risk of material misstatements caused by fraud or by error. In addition, this course covers the AICPA's guidance about professional judgments when providing preparation engagements. Together with the four-hour course "Start-up and Small-Business Financial Statements: Issues and Fraud," these two courses meet the eight-hour accounting CPE requirement for accountants that prepare financial statements for clients but do not perform client audits, reviews or compilations.
Learning Objectives
• Determine the AICPA” guidance for financial statement preparation engagements
• Recognize the AICPA” professional standards for risk assessment when performing financial statement preparation engagements
• Identify the AICPA” professional standards for professional judgments when performing financial statement preparation engagements
Major Topics
• Preparation engagement definition and risk assessment
• Materiality
• Misstatements & Fraud
• Client acceptance and continuation
• Engagement letters
• Prospective financial statements
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