This course is unique as it focuses on application and implementation methodologies, not only technical requirements. It is practical in its approach and will help ensure practitioners implement the standard in an efficient and effective manner.
Participants will develop an implementation action plan using the template provided as a course resource. Topics covered include understanding scope of the standard, determining users of the compiled financial information, tailoring an engagement letter and drafting a basis of accounting note. The session will also address knowledge of the business and file documentation requirements from a practical perspective. Guidance on other matters such as communicating with clients and drafting the new engagement report will also be addressed.
By the end of the course participants will be able to:
- Identify implementation decisions and develop tools to make appropriate business decisions
- Formulate and execute an implementation action plan
- Analyze scope exclusions
- Describe the new standard to be able to clearly articulate and discuss changes with clients
- Prepare inquiries of management and assess impact of intended use of financial information
- Determine documentation requirements and template file set up approaches
- Prepare basis of accounting note
- Draft compilation engagement report