Get my book: Preparation of Financial Statements and Compilation Engagements https://amzn.to/3CZ5Dbf

CPAs perform preparation of financial statement engagements and compilation engagements. This video explains the key differences in these two services. Both standards are a part of the SSARS. Preparation of Financial Statements is found in AR-C 70 and Compilation Engagements are in AR-C 80. Understanding the differences in these standards will enable you to better serve your clients.

0:00 Introduction
2:15 Preparation of Financial Statements (AR-C 70)
7:17 Compilation Engagements (AR-C 80)
9:00 Substantially omitting disclosures
9:50 Differences in preparation and compilation engagements
12:50 Quickest way to issue financial statements

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