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.
Learning Objectives
- You will be able to recognize recent SSARS pronouncements.
- You will be able to identify the SSARS type
- You will be able to differentiate between the types of engagements
- You will be able to understand significant issues related to accountant's liability
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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
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Why Lorman?
Over 37 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.
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Why Lorman?
Over 37 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
- Founder and Chief Executive Officer of Mark Dauberman Seminars, a provider of continuing professional education and staff training for CPAs and other professionals, entrepreneurs, and other participants in the business community
- Consultant and technical reviewer providing assistance related to practice management and growth, business planning, internal controls, and compliance with standards
- University instructor on numerous accounting and business topics at both undergraduate and graduate levels at various universities including California State University (CSU) at Northridge, CSU Los Angeles, Loyola Marymount University, and UCLA
- Lecturer for the AICPA, the California Society of CPAs (CalCPA), the Association of Government Accountants (AGA), and various other professional organizations
- Author of CCH’s “Knowledge Based Compilations, Reviews, and Preparation Engagements” and responsible for maintaining CCH checklists for engagements performed in accordance with Statements of Standards for Accounting and Review Services (SSARS)
- Author of numerous articles for California CPA, a periodical of CalCPA on various financial statement topics such as accounting for leases, revenue recognition, variable interest entities, and other topics
- Member of AICPA, CalCPA, the Association of Certified Fraud Examiners (ACFE), AGA, and the Philippine Institute of CPAs (PICPA)
- Executive Masters in Business Administration (EMBA), Drucker School of Management at Claremont Graduate University; undergraduate degree in accounting, CSUN
- Can be contacted at 310-351-6882 or [email protected]
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