Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘preparation of financials

2017 Risk Alerts available

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Image is from AICPA. Used under Fair Use since, after all, I am promoting three of their products.

Image of Audit Risk Alert is from AICPA. Used under Fair Use since, after all, I am promoting three of their products.

The 2017 audit season is about to begin. Planning is well underway for all those 12/31 clients.

To help you get ready, the annual updates to AICPA risk alerts are available. Consider:

I read the risk alerts every year. They are great for reminding me of what I already knew and even better for pointing out what tidbits I had missed.

You might want to check them out in the lull before the rush of field work hits.

Written by Jim Ulvog

December 19, 2016, 7:18 am at 7:18 am

“Be Prepared – A Comprehensive Peer Review Update”

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Image courtesy of Adobe Stock.

Image courtesy of Adobe Stock.

The following article provides a superb update on recent developments in the peer review program. The article is graciously provided by the California Society of CPAs and the information described here applies in all jurisdictions across the U.S.

Because the entire article is quoted verbatim without any additional comments from me, none of the article will be placed in quotation marks.

Originally published by CalCPA (www.calcpa.org) in the October issue of California CPA magazine.

Used with written permission of the California Society of CPAs. 

 

Be Prepared – A Comprehensive Peer Review Update

By Linda McCrone

 

Peer review is a successful program that helps firms improve their quality control systems and elevate the quality of accounting and auditing engagements. The AICPA contributed the software program that tracks peer reviews and the staff that manages the program. AICPA member volunteers contribute their time to oversee the program, keep the peer review program forms current and make certain that the peer review standards remain relevant. But like any successful program, peer review must continue to evolve to keep up with events.

 

Background

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Written by Jim Ulvog

October 18, 2016, 8:54 am at 8:54 am

Dividing line between bookkeeping and preparation services

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Is this bookkeeping or preparation of financial statements? Image courtesy of DollarPhotoClub.com

Is this bookkeeping or preparation of financial statements? Image courtesy of DollarPhotoClub.com

SSARS #21 explicitly defines bookkeeping as being outside the scope of the SSARS literature. The question becomes what is bookkeeping and what is a preparation engagement.

The AICPA has an article that can help highlight the dividing line: Bookkeeping or preparation service? That is the question.

Article suggests three ways to look at a service to help a CPA figure out whether Section 70 of SSARS #21 applies. If you are wondering, please check out the full article.

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Written by Jim Ulvog

January 18, 2016, 7:19 am at 7:19 am

CPE courses on SSARS 21 in development

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I’m in the process of writing and rewriting a series of CPE courses on compilations, reviews, and preparation services. These courses will describe the changes made from SSARS #21, which is a major rewrite of the comp and review rules. 

These courses will be a major overhaul of what I wrote three years ago for CCH.

Stay tuned for more info as the courses become available.

Here’s the courses on SSARS 19 I wrote or updated:  Read the rest of this entry »

Written by Jim Ulvog

December 18, 2014, 9:06 am at 9:06 am

Flash update on SSARS #21

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Written by Jim Ulvog

October 25, 2014, 9:41 am at 9:41 am

Newly approved SSARS will allow a new service, ‘preparation’. Will also require written & signed engagement letters.

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Update – See also:

In August, the Accounting and Review Services Committee approved the clarified SSARS. This rewrites the SSARS into the same clarified format we saw with the audit literature.

The biggest change is the introduction of a new service, called preparation, which will allow a CPA to issue financial statements without providing an accountant’s report or performing procedures on the information.

In highly condensed terms, Read the rest of this entry »

Written by Jim Ulvog

August 28, 2014, 7:52 am at 7:52 am