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SSARS 21: The Newest Thing in Compilation and Review (4173110H)

 
Date:Monday, March 12, 2018
Time:11:30AM - 7:00 PM
(Registration at 11:00AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Accounting and Auditing
Instructor: Mark Dauberman
Vendor:California CPA Education Foundation
Course Level:Overview
Early Bird Price:$245.00 FICPA Members, $365.00 Non-Members

Description:

The Accounting and Review Services Committee recently issued SSARS 21 which dramatically changes the world of the practitioner providing services for nonpublic clients. In addition to compilations or reviews, the CPA has the option of performing an engagement to prepare financial statements—a nonattest service that does not require a report. In addition, the reporting requirements for compilations and reviews have changed.

Discuss these changes, understand the new preparation engagement and gain guidance on how to determine which engagement is most appropriate. Review the requirements for each engagement with an emphasis on best practices.

Finally, ARSC recently issued exposure drafts to re-draft provisions related to compilations of pro forma financial information that also move the standards related to compilation of prospective financial information from the attestation standards to the Statements on Standards for Accounting and Review Services. Changes to those requirements and the implications of the exposure drafts will be addressed.



Objectives:
  • Identify the most appropriate type of financial statement engagement to perform for a nonpublic client, which may be a preparation engagement, a compilation or a review.
  • Recognize when a preparation engagement is appropriate, how it will be performed and how to complete the documentation to ensure standards are in compliance.
  • Recall modifications to the compilation and review reports and provide guidance as to when standard and modified reports are most appropriate.
  • Determine the implications on the CPA’s independence when performing a preparation engagement for a client for which the CPA also performs compilations, reviews or audits.


Major Topics:
  • Performance of the new preparation engagement and determining when it is appropriate.
  • Compilation and review reports that conform to the new standards.
  • Effects of performing a preparation engagement on the CPA’s independence.


Who Should Attend:

Anyone who is either responsible for performing a preparation, compilation or review engagement, as well as anyone who may participate on an engagement team, and owners or managers of nonpublic entities to enable them to determine the level of financial statement service they should be requesting from their CPA.



Prerequisite:
None.

Advanced Preparation:
None.

Session/Options

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Registration Status: OPEN