2018 Knowledge-Based Preparations, Compilations and Reviews for Industry Specific Titles

2018 Knowledge-Based Preparations, Compilations and Reviews for industry specific titles are available for Knowledge Coach beginning January 2019. Now is the time to start your planning. Review the upcoming changes to the titles, which are in accordance with Statements on Standards for Accounting and Review Services (SSARS). These industry specific titles include:

  • Not-for-Profit
  • Construction
  • Real Estate

What’s new and updated in ALL titles?

First, the 2018 Knowledge-Based Preparations, Compilations and Reviews for industry specific titles will be current through:

  • Statement on Standards for Accounting and Review Services No. 24 (SSARS-24), Omnibus Statement on Standards for Accounting and Review Services – 2018
  • The AICPA Guide Preparation, Compilation and Review Engagements
  • Revised AICPA Code of Professional Conduct (Code), including ET Section 1.295, Nonattest Services
  • AICPA Statement on Quality Control Standards No. 9 (QC Section 10), A Firm’s System of Quality Control (Redrafted)
  • AICPA Audit Risk Alert Developments in Preparation, Compilation and Review Engagements – 2017/2018

Second, all titles include new and modified procedure steps and practice points for current accounting guidance.

Third, there are two new Compilation forms in all three industries:

  • CMP-102 Compilation Program: Prospective Financial Statements
  • CMP-103 Compilation Program: Pro Forma

Additionally, there are two new AIDs in the Not-for-Profit title:

  • AID-825A Financial Statements: Not-for-Profit (Post Implementation of ASU No. 2016-14 and ASU No. 2016-18)
  • AID-826A Financial Statements: Presentation of Functional Expenses (Post Implementation of ASU No. 2016-14)

Moreover, there are many new CORs and RPTs in all three titles that relate to SSARS 24, Pro Forma Financial Information and Prospective Financial Statements. However, these are not all listed because, within each title, each one is indexed differently. Therefore, be sure you review the Release Bulletin for each, once released in January.

Also, KBCR-901 Financial Statement Disclosure Checklist includes updates for disclosure and key presentation requirements, effective as of December 31, 2018.

Tips to improve realizations & client service

In conclusion, maximizing efficiencies is critical to increasing your realizations and improving your client service. Consider these tips:

  • When you roll-forward prior year engagements, make sure you get the latest content updates. Also, make sure you keep your responses, where it makes sense. Then, simply review for changes.
    • CCH ProSystem fx Knowledge Coach allows updating to the latest content at any time, while keeping your answers and customizations. So take advantage of the saved time and start your planning!
  • Give yourself a head start by reducing your client’s PBC list by approximately 25% through technology.
    • CCH Audit Accelerator requests all the data you need from your client’s general ledger, accounts payable and accounts receivable sub-ledger. Then, it transforms that data into the most commonly used workpapers, including access to the detailed transactions. Finally, with TeamMate Analytics, you can run analytics to see anomalies or risky transactions more quickly for planning a higher quality audit. Ultimately, what you gain is more answers at your fingertips, and a more informed view of your client at the beginning of each engagement.

Are you interested in increased realizations and improved client service? Then check out the Integrated Audit Approach today.

AUTHOR

Kurt Pitts

Kurt Pitts is a Senior Business Analyst at Wolters Kluwer Tax and Accounting North America. Kurt participates in design and development of CCH® ProSystem fx® Knowledge Coach. Kurt also works with internal teams, editorial and customers to provide new features and industry titles for CCH® ProSystem fx® Knowledge Coach. Prior to joining Wolters Kluwer in 2014, Kurt was a CPA with a top Southeast Regional Accounting Firm and has a Bachelor’s Degree in Accounting from Georgia Southwestern State University.

All stories by: Kurt Pitts