PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)
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Course Details

Overview of Topics

  • SSARS Background & History10 mins
  • SSARS –Applying the Standards25 mins
  • AICPA Code of Professional Conduct47 mins
  • THE QUALITY CONTROL STANDARDS53 mins
  • ENGAGEMENTS PERFORMED IN ACCORDANCE WITH SSARS62 mins
  • Performing the Compilation Engagement76 mins
  • Performing the Review Engagement97 mins
  • Improving the Efficiency of Engagements Performed in Accordance with SSARS103 mins

Course Description

SSARS 21 changed the landscape for CPAs associated with the unaudited financial statements of nonpublic entities.  The accountant may no longer prepare a client’s financial statements or footnotes without affecting independence.  In addition, there is as new alternative, the SSARS preparation engagement.  Unfortunately, many accountants are not certain when they should perform a compilation, a preparation, or perform bookkeeping services.  In addition, many CPAs are not aware of the ethical implications of preparing financial statements in anticipation of a compilation, review, or audit.

This course will provide an overview of SSARS, including recent amendments.  It will differentiate between the compilation and the preparation, between the preparation and a bookkeeping engagement, and how to preserve independence when called for.  Attendees will also receive practical suggestions to improve the efficiency of their SSARS engagements without reducing effectiveness or sacrificing quality.

Learning objectives

  • Understand the alternative engagements that may be entered when associated with financial statements of a nonpublic entity.
  • Be able to determine when it is best to perform a preparation engagement in accordance with SSARS or a bookkeeping engagement.
  • Understand all requirements of standards for performing engagements subject to SSARS.
  • Make certain documentation for SSARS engagements is adequate.
  • Identify circumstances calling for modified compilation and review reports.

About Presenter

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.

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.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:20
  • Question 6 : 01:45
  1. What are the threats in accounting profession?
  2. Which section is applicable when a public accountant is engaged to prepare financial statements or prospective financial information?
  3. Which activities may raise threats to unacceptable level?
  4. What you mean by threat exists when accountant’s actions effectively promote client’s interests or position?
  5. What are the principles of the aicpa code of professional conduct?
  6. Which safeguard should be implemented by firm?
  1. What is the full form of SEC?
  2. Which is prohibited services?
  3. Independence not impaired by__________.
  4. Independence would be impaired if not met:
  5. ________________is the recording of financial transactions, and is part of the process of accounting in business.
  6. Safeguards may include :
  7. Safeguards policies and procedures designed to
  8. Which section is applicable when a public accountant is engaged to prepare financial statements or prospective financial information?
  9. ______________is an equitable doctrine that involves one person taking advantage of a position of power over another person. This inequity in power between the parties can vitiate one partys consent as they are unable to freely exercise their independent will.
  10. PCAOB stands for:

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
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Reviews

5
(3)
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  • YT
    Yacob Tewelde , CPA
    Aug 27th 2020
    Very detailed and based on real and practical examples.

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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.

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  • Cost $20
  • CPE Credits 2
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date July 02 ,2020
  • Published Date July 02 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm CPA (Industry) Young CPA CPA in Business Entrepreneurial CPA Accounting Managers
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

HOW TO MAXIMIZE THE IMPACT OF CARES ACT
Wednesday, September 16, 2020 View Details/Register
MERCHANT ACCOUNT NIGHTMARES: THE SHADY WORLD OF CREDIT CARD PROCESSING FEES
Wednesday, September 16, 2020 View Details/Register
QBO: FOR PROGRESS INVOICING AND JOB COSTING WITH LATEST UPDATES
Monday, September 14, 2020 View Details/Register
QUICKBOOKS ONLINE FOR ACCOUNTANTS WORK CENTRE - MANAGING YOU PRACTICE
Wednesday, September 09, 2020 View Details/Register
QBO RUNNING REPORTS - INFORMATION, ANALYSIS & BETTER DECISION
Monday, September 14, 2020 View Details/Register
CREDIT CARDS IN QBO - SEAMLESS PAYMENTS FROM CLIENT
Monday, September 14, 2020 View Details/Register
QBO: BUILD RIGHT CHART OF ACCOUNTS - BASE FOR ACCOUNTING AND READING FINANCIAL STATEMENT
Thursday, September 10, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
S CORPORATION PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS - FORM 1120S SCHEDULE K & K-1 ANALYSIS
Tuesday, September 08, 2020 View Details/Register
QUALIFIED BUSINESS INCOME (QBI) DEDUCTION (IRC §199A) DETAILED STUDY, ANALYSIS,CALCULATIONS,CASE STUDIES, INS & OUTS (LATEST)
Thursday, September 03, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Tuesday, September 01, 2020 View Details/Register
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Tuesday, September 01, 2020 View Details/Register
VIRGINIA CPA ETHICS: 2020 REQUIRED COURSE
Monday, August 17, 2020 View Details/Register
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Thursday, August 27, 2020 View Details/Register
PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS
Tuesday, August 25, 2020 View Details/Register