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SSARS 21: Practical and Professional Liability Considerations

Get up to speed on the significant changes to SSARS and avoid noncompliance.

Participants will be inundated on the most recent SSARS 21 pronouncement, coupled with a professional liability perspective. Mr. Schindler, an experienced and prominent practicing CPA and PEER reviewer, will explain the new standard and the pros and cons of this dramatic change in financial reporting. Mr. Raspante will share his vast knowledge of historical compilation professional liability claims, and project what impact SSARS 21 will have prospectively. These two different, yet similar perspectives will expand your focus and knowledge on implementing SSARS 21 services in your practices.

Runtime: 99 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Organization of SSARS 21

  • Section 60 - General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services
  • Section 70 - Preparation of Financial Statements (a New and Very Different Service)
  • Section 80 - Compilation Engagements
  • Section 90 - Review of Financial Statements

Objectives and Requirements of Each Section

Implementation Strategy

Claims Size Frequency and Severity Regarding Compilation Services

Historical Claims in Compilation Services

  • Failure to Detect Fraud
  • Disclosures
  • Substantially All Disclosures Omitted
  • Use and Distribution
  • SSARS 1

OCBOA

SSARS 8

Engagement Letter Strategies

  • Fraud Disclaimer
  • Restrictions on Use
  • Venue
  • Limitation on Liability
  • ADR

SSARS 21

  • Will It Help Reducing Claims?
  • Will It Cause an Increase in Claims?
  • Best Practices
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 20, 2015.

Call 1-866-352-9540 for further credit information.

  • CAC 0.5
     
  • This course has been reviewed and approved for inclusion in the Certificate of Accounting Compliance Program and qualifies for 0.5 credit. Please visit www.lorman.com/certification/cac for more information.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • CAC 0.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 2.0
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John Raspante, CPA, MST, CDFA

John Raspante, CPA, MST, CDFA

North American Professional Liability Insurance Agency, LLC

  • Senior vice president director of risk management
  • Former director of compliance and risk management as well as the director of education for Graf Repetti and Co. LLP, Certified Public Accountants and Business Advisors
  • Worked almost a decade for CAMICO Mutual Insurance Company
  • Serves on NYSSCPA’s Compilation and Review Committee, NJSCPA’s Compilation and Review Committee, NJSCPA’s Editorial Board and the Accounting and Auditing interest group as well as the National Conference of CPA’s Ethics Committee
  • Frequent writer and speaker within the accounting profession on issues relating to risk management
  • Can be contacted at 508-656-1318 or [email protected]
No photo available

Robert I. Schindler, CPA

Cavalcante & Company, LLC

  • Partner in charge of the accounting and audit practice of Cavalcante & Company, LLC
  • Certified Public Accountant - New York
  • Certified in Financial Forensics
  • Chartered Global Management Accountant
  • Admitted as an audit partner at the age of 32 in a CPA firm that became one of the largest single office CPA firms in New York City
  • Audit partner in a multioffice regional CPA firm; member of its Accounting and Auditing Standards Committee, responsibilities included establishing the firm’s policies and procedures for its assurance practice
  • Co-wrote the firm’s Financial Statement Preparation Guide and its Accounting and Auditing Manual
  • Chairman of the firm’s Continuing Professional Education (CPE) Committee, Committee responsibilities included establishing the firm’s internal CPE programs that meet the various AICPA, State Society and PCAOB requirements
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Product ID: 396159
Published 2015, 2018
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