Description
Understand the requirements and principles related to SSARS engagements and avoid common pitfalls.In addition to introducing the preparation engagement and rewriting 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 engagementrelated 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.
Date: 2021-05-03 Start Time: End Time:
Learning Objectives
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
AIPB ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Mark E. Dauberman, CPA, EMBA-Mark Dauberman Seminars
