SSARS #21 – An Overhaul of Standards for Unaudited Financial Statements

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

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 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 Accounting CPE webinar for CPA:

  • 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

Learning Objectives

  • 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 improve 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 documentation.

Recommended For

  • This CPE course is recommended for CPAs who perform engagements involving unaudited financial statements for nonpublic clients.  
  • It is primarily designed for engagement partners and managers who are responsible for making key engagement decisions and are ultimately responsible for the success of such engagements.  
  • Individuals with the responsibility for overseeing these engagements, with the authority to determine the methods to be used and to make subjective decisions will benefit most.

    Who Should Attend?

    • Accountant
    • Accounting and audit managers/practitioners
    • Accounting Firm
    • Bookkeepers & Accountants & Tax Preparers
    • Certified Fraud Examiner
    • Certified Management Accountant (CMA)
    • Certified Valuation Analysts
    • CPA (Industry)
    • CPA - Mid Size Firm
    • CPA - Small Firm
    • Senior Accountant
    • Young CPA

    Course Qualification

    Webinar Qualifies For

    • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
    • 2 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)
    • 2 CPE Credit for Internal Audit Practitioner (IAP)
    • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
    • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
    • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
    • 2 CE Credit for Certified Wealth Strategist (CWS)
    • 2 General Credit for Accountant/Bookeeper
    • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
    • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
    • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
    • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
    • 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
    • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
    • 2 CRE Credit for Certified Corporate FP&A Professional (FPAC)
    • 2 CPE Credit for Certified Government Financial Manager (CGFM)
    • 2 PL Credit for Chartered Financial Analyst (CFA)

    Additional details

    • Course Level :
      Basic
    • Credits :
      2
    • Instructional Method :
      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 through its website: www.NASBARegistry.org.

    Presenter

    About Presenter

    Mark Dauberman, CPA (US)

    Owner, Mark Dauberman

    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.

    About Company

    Mark Dauberman

    www.markdauberman.com

    Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management.  He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.

    Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.

    Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.

    Mark obtained his bachelor’s degree in accounting from California State University at 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.

    Faq

    FAQs content

    • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
    • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
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    • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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    • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

    Ratings and Review

    4

    30 Ratings

    Excellent

    9

    Very Good

    14

    Average

    6

    Poor

    1

    Terrible

    0

    DP

    Delyana Petrova, CPA (US)

    Jun 21st, 2022

    Very good experience and learned a lot from the presenter.

    DL

    Diane Liddi

    Jan 12th, 2022

    Great seminar!

    SS

    Steve Shuster, CPA/ABV, CPA (US), CVA, CGMA

    Jul 19th, 2022

    the instructor did not follow the handout material very well & it made it hard for me to keep notes on my copy of the material. The instructor kept referring to answers to future "poll questions" with names for us to use (like: "Peer", "Laura", "something", and "time") - I was never sure what to do with that information - it did not relate to the Poll questions that were presented to me. I would have appreciated it if the instructor would have told us what the answers were to the Poll questions after they were asked. Don't get me wrong - he was well informed and great - these are just some suggestions. TTFN Steve

    MG

    Marie Gaffney, CPA (US)

    Dec 9th, 2021

    Class was good, but it was a little confusing at first since he had polling questions that did not pertain to online learners. Would have helped if this were explained up front.

    CD

    Chris Donnelly, CPA (US)

    Dec 9th, 2021

    The instructor threw in a few jokes and tried to break up the pace in an effort to keep us engaged in the material

    SSARS #21 live CPE webinar

    PREMIUM

    2 Credits

    Subject Area

    Accounting

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