Entering the trial balance in Caseware and what to do and not do

Compilation Engagement Guide

INTRODUCTION & ADMINISTRATION

Introduction to this course - how it is laid out and how it is presented (7:29)
Refund policy - certificates - questions and other administrative matters (6:25)
Notes on how to use the content and the evergreen nature of all the tutorials (3:08)
PowerPoint and PDF notes on material and guidance on notes (2:14)
A quick note on tutorials, software and the forms you'll see throughout the course (6:21)
Before we get started - Some advice on how implement course info (6:11)
COURSE NOTES - Download the course PDF files and/or the PowerPoint Presentation

MODULE 1 - OVERVIEW OF COMPILATION STANDARD - OUTLINE & REPORT

New Compilation Standards - Overview of Standards & New Compilation Engagement Report (3:28)
The new compilation standard for Notice to Reader Engagements (7:52)
A brief history including why and how we got here (8:13)
Exceptions to the new compilation engagement standards (7:02)
Independence assessment - Review of prohibitions and threats (7:59)
How to solve the independence problems under new Standard (5:24)
An overview of the new compilation engagement report (5:02)
Date of the Compilation Engagement Report (3:34)
Responsibilities after the CER date and decision to amend (5:54)

MODULE 2 - OVERVIEW OF COMPILATION STANDARD - THIRD PARTIES & BASIS OF ACCOUTNING

Third Parties & Basis of Accounting (1:54)
Standards to be followed before accepting or continuing an engagement (4:47)
A discussion on third parties and what practitioners need to know (8:29)
Is the CRA considered a third party for Compilation purposes? (5:58)
Overview of the basis of accounting standard (5:38)
An overview of the possible accounting basis alternatives (10:01)
The engagement letter as documentation and acknowledgement (6:09)

MODULE 3- OVERVIEW OF COMPILATION STANDARD - PERFORMING THE ENGAGEMENT

Performing the Engagement - Overview of the 5 Step Process (4:18)
Step 1 - Obtaining Knowledge of Client (6:32)
Step 2 - Prepare compiled information (4:48)
Step 3 - Discuss judgement with management (3:59)
Step 4 - Read the compiled information (5:35)
Step 5 - Obtain management acknowledgement (3:35)
Compilation checklist download and overview (5:26)
Samples of Engagement Letter and Management Acknowledge (3:03)

MODULE 4 - OVERVIEW OF COMPILATION, REVIEW & AUDIT ENGAGEMENTS - WHAT YOU NEED TO KNOW

Compilation Engagement Overview & Clients who provide a Trial Balance (4:14)
Some notes on the following section and the issue of having a public license for the new standards (3:49)
The basics of Compilations compared to other assurance engagements that require a public license (9:16)
Determine who the users of the financial statements are and whether assurance is necessary (8:21)
All companies have to be audited by a public accountant unless waived by shareholders (5:39)
Types of compilation engagements and how you will receive information from clients (6:36)

MODULE 5 - PROCESS FOR APPROACHING CLIENTS WHO PROVIDE A TRIAL BALANCE

Clients who provide a trial balance - Is the information provided reliable? (5:41)
Step by step process for trial balance clients (11:30)
Example of reliable bookkeeper preparing the trial balance (12:31)
Example of client with some bookkeeping knowledge (13:01)
Example of client with no knowledge and not providing useful info (10:40)

MODULE 6 - MAINTAINING YOUR CLIENT'S FILES

Compilation Engagements File Maintenance (6:34)
Ace Engineering Consultants file review and adjusting entries (8:37)
Entering the trial balance in Caseware and what to do and not do (11:13)
Review of file notes and entering Adjusting journal entries (13:05)
Prepping for future work that needs to be done - T4A and T5 (7:53)
Preparing working paper financial statement file and maintenance (14:53)
Preparing the corporate tax return (9:22)
File review and closing printing letters checklists etc. (13:42)

MODULE 7 - PEPARING FINANCIALS WHEN CLIENT PROVIDES WORKSHEETS

Compilation Engagements - Client Provided Worksheets (5:00)
Analyzing what needs to be done and the most efficient process (7:48)
Using a transaction group approach to prepare the financials (7:14)
Reviewing the client information and starting the file (9:27)
Using a clearing account approach for sole shareholder files (8:04)
Preparing the current year file - carrying forward last year's info (10:13)
Entering bank reconciliation - sales and AR transactions (19:02)
Reviewing expenses and entering journal entries (15:33)
Working with the tax accounts including T2 preparation (15:10)
Important final step before you file the T2 corporate tax return (6:03)
Review of the working paper file and attachments (9:12)

MODULE 8 - DEALING WITH THE "CLIENT MASH UP"

Review of the new client and accounting file sent by client (9:41)
Review of the additional documentation provided and action plan (9:42)
Compilation Engagements - Client Mash-Up (2:41)
Preparing the corporate tax return for a first year incorporation (12:57)
Figuring out the pieces you have and the ones you need (7:18)
Another look at supporting documentation and attaching to our files (7:42)
Entering the journal entries into accounting software and reviewing (11:40)
Preparing the working papers and compiling the financial statements (14:24)

MODULE 9 - PREPARING COMPILATION ENGAGEMENTS WITH IMPERFECT INFORMTATION

Preparing compilation engagements with imperfect information (3:32)
Things to consider before you even take on these clients (10:10)
Determine what you will need to file and the individual issues- deadlines (5:14)
The most common scenarios with clients who are behind in filing (4:42)
What documents to ask for and the approach to prepare the financials (10:46)
Best practices on the process to follow to keep client in the loop on everything (9:26)
Protecting yourself with proper documentation and a detailed client file (3:51)
What to consider when pricing your services and approach to take (6:22)

MODULE 10 - CSRS 4200 CASE STUDY - JANE'S FLOWER SHOPPE

Introduction to Jane's Flower Shoppe Inc. - Example using new CSRS 4200 Standards (3:29)
Starting the engagement - Discussions with client about the engagement (7:02)
Accepting and continuing the engagement - Review of checklist (6:34)
Preparing or updating the Knowledge of Entity requirement for Jane's Flower Shoppe (10:05)
Performing the engagement and preparing journal entries (8:35)
Finalizing the year end and completing the corporate tax return (6:10)
Review of the compilation file checklist to comply with the new CSRS Standards (4:55)
Example of a client file maintenance using the new standards (12:14)

CONCLUSION

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