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myCPE

SSARS #21 – An Overhaul Of Standards For Unaudited Financial Statements 2 Credits

Dec 23, 2022, 09:30 AM ET

SSARS #21 – An Overhaul Of Standards For Unaudited Financial Statements 2 Credits

  • Rating

    4.3
  • Reviewed on

    February, 2024
  • Subject Area

    Accounting

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Dec 23, 2022, 09:30 AM ET

Learning Objective

  • To review the updates to standards related to unaudited financial information of nonpublic clients, including the Code of Professional Conduct, the Quality Control Standards, and SSARS.
  • To be able to determine the type of engagement most appropriate for various circumstances and which standards apply.
  • To discuss the effectiveness of engagements by changing the relationship with clients and providing value-added services.
  • To develop approaches for making engagements involving unaudited financial information more efficient and for improving the documentation.

Course Overview

When a CPA is associated with the unaudited financial statements of a client, regardless of the level of service provided, there is always a risk that the CPA will be held liable for losses associated with misstatements.  This is even true when the service provided is an attest and assurance engagement, such as a review, when it is a non attest engagement and non assurance engagement, such as a preparation engagement performed in accordance with AR-C Section 70 of SSARS; or a bookkeeping engagement that is subject to the ethical standards of the profession, but for which there are no authoritative standards, such as a bookkeeping engagement resulting in the preparation of financial reports.

The source of that liability may be from:

  • A debtor or creditor who incurred a loss; 
  • A customer or supplier that is unable to be made “whole” in a transaction with the client; 
  • An ex-employee who may have lost a job or been denied a salary increase; 
  • Or even the client who has incurred a loss due to fraud perpetrated during the period to which the financial statements apply, when the loss was detected by the employer rather than the CPA.
  • One defense that can be asserted is that the CPA complied with standards.  Unfortunately, that defense is one that could hurt us as much as help us.  First, if there is any departure from standards, a good expert witness on the plaintiff’s side is likely to find it and will make it appear material even if it is not.  In most cases, the firm would likely not be in a defensible position.
  • If the determination that the requirement was not material to the engagement is not indicated in the engagement documentation, it will usually be assumed that it was not considered, which would be a departure.
  • If it is documented, the CPA’s judgment will often be brought into question.


Keeping in mind that our standards do not apply to individuals outside the profession, a judge, juror, arbiter, or other decision-makers in such an action, is usually only going to be familiar with standards that are brought up in trial and they may not understand them.  That same decision-maker may believe that we should do more than that which is required by standards and may not agree with our assessment of the level of responsibility taken.

Today’s practitioners are also faced with Peer Review, requiring them to be certain to be able to demonstrate that they have complied with all requirements of standards and that all reports issued are appropriate for the circumstances to which they apply.  Most firms rely on checklists to assure that they comply.  These checklists, however, add an administrative burden and a significant cost to engagements.

This online CPE webinar for CPAs will provide an update, covering changes in standards relevant to unaudited financial statement engagements, including the Code of Professional Conduct, the Quality Control Standards, and Statements on Standards for Accounting and Review Services.  It will provide approaches that will reduce the reliance on checklists without sacrificing compliance and improve the efficiency of many engagements.  It will also suggest alternatives for structuring engagements, preparing documentation, and defining your relationship with your clients.

Key topics covered in the CPA webinar:

  • SSARS #21.
  • Relevant changes to the AICPA Code of Professional Conduct and the Quality Control Standards.
  • Required documentation in an SSARS engagement.
  • Tips for minimizing potential liability on engagements involving unaudited financial information.

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Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Mark Dauberman's CPE/CPD Courses for CRMA CPA/CFF CFE
Mark Dauberman , CPA (US)

Owner, Mark Dauberman

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Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations.  His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan.  Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.

Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.

Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm.  He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE.  He also provides consulting services related to client management and marketing.

Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.

Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University and UCLA.  He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.  He also obtained an Internal Control Certificate from COSO.  Until recently, he authored “Knowledge Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements.  He also served as Senior Editor for Roger CPA Review.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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MB

Mark Benedict, CPA (US)

It is a good platform, stable and user friendly. I like the review questions along the way, focuses on what to look for in the presentation.

LR

Lisa Reavis, CPA (US)

Instructor was easy to follow and information provided was clear and concise.

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