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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Wednesday, March 5, 2025

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

This webinar will assist financial statement preparers with meeting the documentation requirements for audited, reviewed, and compiled financial statements. Our panel of financial reporting veterans will discuss the applicable documentation requirements for various types of engagements, explain how to avoid over-compliance, and point out common workpaper deficiencies.

Faculty

Meg Hampton
Partner
Anglin Reichmann Armstrong, PC

Ms. Hampton is a Manager in the Audit and Assurance Department. She attended the University of Alabama, where she earned a Master of Accountancy in 2009 and a Bachelor of Science in Accounting, graduating cum laude in 2008. Ms. Hampton has over 12 years of experience in public accounting, providing audits, reviews, compilations, and preparations of financial statements to clients in various industries. She is certified as a Peer Review Captain and works with the peer review team to provide value to firms around the country. In addition to these services, Ms. Hampton has several years of experience in solutions and tax and provides support to clients in these areas. Her industry focus includes government contracting, employee benefit plans, construction, and not-for-profit agencies.

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Luke Kinzer
Partner
Anglin Reichmann Armstrong, PC

Mr. Kinzer is a Partner in the Audit and Assurance Department at Anglin Reichmann Armstrong, with nearly two decades of expertise in public accounting. He began his career at Anglin as a staff accountant after earning his Bachelor of Science in Accounting from Auburn University in 2006. Over the years, Mr. Kinzer has held various positions in both the tax and audit groups as the firm expanded, and he now serves as Department Head of the Audit and Assurance Group, overseeing its day-to-day operations. He is also heavily involved in firm-wide leadership through his role on several key management and industry niche committees.

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Description

Inadequate documentation continues to be a prevalent finding in peer reviews. At the same time, excessive documentation can prove costly. In addition to the misuse of time, extra workpapers could create additional legal exposure.

Workpaper requirements and the applicable standards vary based on the type of engagement. An audit engagement is subject to SAS (Statements on Auditing Standards) documentation standards. In contrast, compilation and review engagements must comply with the SSARS (Statements on Standards for Accounting and Review Services). It is certain, though, that improper or lack of documentation is frequently included as an oversight in peer review findings. Certified public accountants who issue financial statements need to comprehend and comply with the documentation requirements.

Listen as our panel of assurance and accounting experts reviews the required compliance obligations for audited, reviewed, and compiled financial statements and offers advice to avoid common deficiencies without excess paperwork.

Outline

  1. Documentation for audits, reviews, and compilations
  2. Required documentation
    • Compilations
    • Reviews
    • Audits
  3. Applicable standards
  4. Avoiding overdocumenting
  5. Common deficiencies
  6. Workpaper retention

Benefits

The panel will review these and other critical issues:

  • Meeting applicable standards for sufficient documentation
  • Frequent documentation deficiencies cited in peer review findings
  • Avoiding the tendency to overdocument in working papers
  • The risks of using audit program software

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify the relative authority for specific financial statement engagements
  • Determine workpaper retention requirements
  • Decide how to avoid documentation deficiencies when preparing workpapers for financial statement engagements
  • Ascertain differences in documentation requirements for audited, reviewed, and compiled financial statements

  • Field of Study: Auditing
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.