Knowledge-Based Compilations & Reviews (2012) provides practitioners with a fundamental, real-world approach for conducting the highest quality compilations and reviews. It reduces the technical language of official pronouncements to easy-to-read, easy-to-understand advice and procedures and is designed to help the CPA enhance the quality of his or her practice.

The book includes an overview and identification of the professional responsibilities that arise when a CPA accepts a compilation or review engagement, discusses and illustrates the procedures that need to be performed, describes the preparation of the CPA's engagement report, discusses management-use-only compilations, and addresses special engagements such as OCBOA-based financial statements and partnership financial statements. This comprehensive resource also deals with topics ranging from attestation standards for review engagements that do not involve financial statements to financial forecasts and projections.

Knowledge-Based Compilations & Reviews (2012) contains an appendix that assists CPAs in determining what procedures should be performed and what approach should be used in order to perform an efficient compilation or review engagement. Throughout, the guide features numerous checklists, questionnaires, workpapers, sample correspondence, and sample reports that take the auditor through an engagement from the initial evaluation of a client to the issuance of the auditor's report. It comes with a free companion CD-ROM that contains all these knowledge-based tools, which can be modified by practitioners to suit their needs. The book also includes a cross-reference to the original pronouncements and a detailed topical index.

Knowledge-Based Compilations & Reviews (2012) meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book.

Topics and Content

PART 1: Compiled and Reviewed Financial Statements

• Overview of Compiled and Reviewed Financial Statements
• Professional Standards of the CPA and the Firm
• Accepting the Engagement
• Performing the Compilation Engagement
• Performing the Review Engagement
• Completing the Engagement
• The Accountant's Report

PART II: Specialized Engagements

• Management-Use-Only Compilation Engagements
• OCBOA Financial Statements
• Personal Financial Statements
• Sole Proprietorship Financial Statements
• partnership Financial Statements
• S Corporation Financial Statements
• Limited Liability Companies and partnerships, Not-for-Profit Organizations, and Governmental Entities: Compilation and Review Engagements
   

PART III: Other Engagements

• Prescribed Forms: Compilation Engagements
• Specified Elements, Accounts, or Items of a Financial Statement
• Pro-Forma Financial Information
• Attestation Standards