This course provides a review of standards for accounting and review services, with a specific focus on the risks accountants may face when providing these services. It further offers valuable guidance for making informed, professional judgments integral to the delivery of these services.
Learning Objectives
• Identify potential problem areas concerning compliance with the standards for compilations and reviews
• Determine ways to apply professional standards to situations commonly encountered in public practice
• Recognize ways to minimize the risk of association with financial statements containing material misstatements whether caused by fraud or error
Major Topics
• Fraud
• Misstatements
• Materiality
• Revenue recognition
• Related parties
• Going concern uncertainties
• Engagement letters
• Documentation and peer review considerations
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