Review Engagements - Application of the Standard

 (Formerly Titled - Reviews - Application of the Standard )

Overview: 

Professionals working in the accounting field face the responsibility of continually upgrading their knowledge of constantly changing rules, regulations, and standards. Using extracts of a review engagement file for a fictitious entity, as well as examples and exercises, this course allows you to deepen your knowledge of the requirements of CSRE 2400 and to benefit from practical advice to apply them properly.

This course takes you through the various stages of a review engagement. It highlights specific areas where professional judgment and skepticism are necessary. It demonstrates the use of professional judgment through various examples and exercises. It includes the use of selected Professional Engagement Guide (PEG) forms to demonstrate the documentation requirements of CSRE 2400.

Course Content:

In this course, you will gain knowledge about the following topics:

• Aspects of a Review
  • Practitioner’s responsibilities
  • Practitioner’s responsibilities related to quality management
  • Documentation requirements
• Preliminary considerations
  • Acceptance or continuance of the engagement
  • Engagement letters
• Planning
  • Understanding the entity and its environment
  • Materiality
  • Identifying areas in the financial statements where material misstatements are likely to arise
• Implementation and conclusion of the engagement
  • Work required (responsibilities) related to inquiry
  • Analytical procedures
  • Additional procedures
  • Specific procedures required
• Evaluation and conclusion
  • Evaluation of the evidence

  • Subsequent events

  • Communication with management and/or those charged with governance

  • Dating of the engagement report

  • Determining the engagement report

  • Assembly, maintenance and retention of engagement documentation

Learning Objectives:

Upon completing this course, you should be able to:

• Describe the areas of professional judgment when accepting or continuing a review engagement

• Consider the components of planning an engagement and their effect on the execution phase

• Identify areas in the financial statements where material misstatements are likely to arise

• Develop strategies for the use of inquiry, analytical procedures and additional procedures

• Identify specific issues related to the implementation of the requirements

• Describe the requirements for completion of the file

• Describe the modifications of the review engagement report

• Apply the requirements of CSQM 1 for review engagements

• Describe the documentation considerations of the above areas

   

Who Will Benefit: 

CPAs in public practice. Specifically, those who have limited experience and would like to learn how to conduct a review engagement or those with experience who would like a refresher on best practices.