[NYC_CPA]

Is an Engagement Letter needed for a Compilation in accordance with SSARS? My handout from Yaeger CLEARLY says “Required” under comparison of audit, review and compilation in regards to whether an Engagement Letter is required or not. Then came the Wiley Book, while taking the “Practice test” towards the end of the book, the book said that an Engagement Letter is NOT requried for a Compilation and that a Compilation only requires an understanding documented with a written communication to management? WTH! Help Please!

"I hate every minute of training, but I said, DON'T QUIT. Suffer now and live the rest of your life as a champion" - Muhammed Ali
FAR: 65(11/10), 80(02/11->Yaeger Audio!)
AUD: 73(05/15/11 Yaeger Homestudy), retake 76(08/31/11)
BEC: 73(08/05/11) Yaeger Homestudy, 71(11/30/11), retake 80(04/20/12)
REG: 80 (11/15/11) Yaeger Homestudy

[Anonymous]

From what I understand, SSARS 19, issued Nov 2009, for all engagements effective Dec 15, 2010, significantly changed the requirements for compilations and reviews. Previously, an understanding with management regarding the work to be performed in a compilation engagement was NOT required to be in writing, although it was highly encouraged to do so. I believe the changes in SSARS 19 now require that the understanding with management of work to be performed be in writing. This could mean an engagement letter or a memorandum of understanding.

I'm guessing that Wiley hasn't updated their 2011 materials for SSARS 19. Add this to the list of changes that Wiley 2011 has not been updated for: SFAC #8, GASB 54…

[Anonymous]

There was a similar problem with one of the questions Gary Bulmash (from Yaeger) went over in one of the modules. One Compilation question had two correct answers because Wiley didn't update that question with the new change. But anyways….yes, Engagement Letter is now required for a Compilation, Review, and Audit.

[NYC_CPA]

Thanks guys! Audit is now behind me!!! For a month atleast…

"I hate every minute of training, but I said, DON'T QUIT. Suffer now and live the rest of your life as a champion" - Muhammed Ali
FAR: 65(11/10), 80(02/11->Yaeger Audio!)
AUD: 73(05/15/11 Yaeger Homestudy), retake 76(08/31/11)
BEC: 73(08/05/11) Yaeger Homestudy, 71(11/30/11), retake 80(04/20/12)
REG: 80 (11/15/11) Yaeger Homestudy

[Anonymous]

NChoney,

Without breaking any rules, can you let me know how your Audit Simulations were? Were they easier than you expected or harder?

The reason I ask is because I find the Simulation in the Wiley book very difficult and I'm wondering if it's going to be this difficult on the actual exam.

Thanks.

[NYC_CPA]

CPAMan,

The SIMS were comparable to the WILEY Book, be prepared for any topics. As far as level of difficulty, it really depends on how well you know the topic being tested on the SIMS. Personally, I was lil stumped by the SIMS(maybe i was too tired/didn't really know the topic TOO well). But there are def. no surprises on the SIMS. I would highly suggest doing the Practice Test at the end of the Wiley Book(90 MC/7 Sims) a day or two before your test date and also the practice test on the AICPA website, they will def. help with the actual test. And If you can fairly answer the MC and SIMS at the end of each module(and read over/understand WHY you got the CORRECT AND WRONG answers) I think you should be fine. But then again, every test is different.

"I hate every minute of training, but I said, DON'T QUIT. Suffer now and live the rest of your life as a champion" - Muhammed Ali
FAR: 65(11/10), 80(02/11->Yaeger Audio!)
AUD: 73(05/15/11 Yaeger Homestudy), retake 76(08/31/11)
BEC: 73(08/05/11) Yaeger Homestudy, 71(11/30/11), retake 80(04/20/12)
REG: 80 (11/15/11) Yaeger Homestudy

[Thefacta]

I went to the AICPA website for a practice exam. All I could find was a very short sample test. Is there a full practice exam on their website that I am missing?

Thanks

REG - 81 (2/2)
BEC - 87 (2/28)
FAR - 76 (4/18)
AUD - 75 (5/20)

[NYC_CPA]

My mistake…I meant to say Sample…I think Audit made me sick of that word ‘Sample'

"I hate every minute of training, but I said, DON'T QUIT. Suffer now and live the rest of your life as a champion" - Muhammed Ali
FAR: 65(11/10), 80(02/11->Yaeger Audio!)
AUD: 73(05/15/11 Yaeger Homestudy), retake 76(08/31/11)
BEC: 73(08/05/11) Yaeger Homestudy, 71(11/30/11), retake 80(04/20/12)
REG: 80 (11/15/11) Yaeger Homestudy

[kb24]

Not as far as I know. I think the purpose of their sample exam is to make sure you understand the set up for the test but not to actually see what an entire exam is like. You can do a sample exam on a test bank like Wiley's if you have access to one.

FAR 4/1/11 - 89
AUD 4/15/11 - 85
REG 4/29/11 - 80
BEC 5/13/11 - 85

[Account Ant]

Wow. This is like updated information. I hope this will be on test 🙂

Thank you!

FAR 70,89
REG November 2014
BEC Didn't even look at it.
AUD 83

[kandisjoy]

Thank goodness for this post. I got a question wrong in the Wiley 2011 AUD book because I answered that an engagement letter was required for a Compilation.

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

[Anonymous]

Yeah, compilation needs engagement letter but doesnt need the rep letter. You can check Gary's notes.

[Author]

Replies