Understand the requirements and principles related to SSARS engagements and avoid common pitfalls.
In addition to introducing the preparation engagement and re-writing SSARS to codify and clarify the standards, SSARS 21 instituted many changes that affect the way practitioners evaluate, perform, and document engagements. Services that were previously considered part of a SSARS engagement have been separated and, unless new requirements are complied with, may impair the accountant's independence and increase potential engagement-related liability. This topic will provide an overview of the general requirements and principles related to SSARS engagements with an emphasis on common pitfalls and means of avoiding them. It will assist the practitioner in determining which engagement, bookkeeping, preparation, or compilation, is most appropriate under different circumstances and will provide practical tips on how to save time in performing SSARS engagements and developing systems that will prove useful for current and future engagements.
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Agenda
Overview of Recent Pronouncements
- SSARS 21 - Statement on Standards for Accounting and Review Services: Clarification and Recodification
- SSARS 22 - Compilation of Pro Forma Financial Information
- SSARS 23 - Omnibus Statement on Standards for Accounting and Review Services - 2016
- SSARS 24 - Omnibus Statement on Standards for Accounting and Review Services - 2018
- SSARS 25 - Materiality in a Review of Financial Statements and Adverse Conclusions
Understanding Engagements Related to Unaudited Financial Statements
- Choosing the Appropriate Engagement
- SSARS Preparation Engagements Versus Bookkeeping Engagements
- Compilation and Review Engagements
General Performance Principles
- Interpreting the Requirements of Standards
- Requirements Related to Acceptance
- Requirements Related to Performance
- Requirements Related to Reporting
- Requirements Related to Documentation
Significant Issues Affecting Liability
- Engagements Involving Preparation and Compilation or Review
- Bookkeeping Adjustments Versus Findings
- Changes to Independence Requirements
Improving Efficiency and Effectiveness of SSARS Engagements
- Preparing Financial Statements and Disclosures
- Opportunities to Improve Efficiency by Eliminating Duplicative Procedures
- Applying Alternatives to Checklists to Improve Efficiency and Effectiveness of Engagements
- Using SSARS Engagements as Practice Builders
Credit
More Program Information
Why Lorman?
Over 34 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 Course
This course was last revised on May 3, 2021.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
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 34 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
Mark E. Dauberman, CPA, EMBA
Mark Dauberman Seminars
- A consultant to CPA firms specializing in engagements for nonpublic entities and compliance with professional standards
- Has written and taught CPE courses related to financial accounting and SSARS engagements since the inception of SSARS in 1978
- Has written and taught courses for the California Society of CPAs, California State University and Los Angeles, and other organizations and teaches courses for the AICPA
- Until recently, he was the author of CCH’s authored “Knowledge Based Preparation, Compilation, and Review Engagements” and updated their checklists for SSARS engagements
- Also serves as an expert witness in the defense of accountants on matters related to compliance with standards, ethics, and engagement performance
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Why Lorman?
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