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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.
This course will adjourn at 4 p.m.
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.
Mark Dauberman 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.
Dauberman’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. Dauberman’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. He also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.
Dauberman 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, San Bernardino. He obtained his bachelor’s degree in accounting from California State University, Northridge and 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.