SSARS Practice Issues and Standards Update 2024

Overview

SSARS #21 codified and clarified all previous SSARS standards and was effective for financial statements ending on or after December 15, 2015. It revised existing standards, upgraded service requirements, and introduced a new level of service - the “Preparation Engagement.” SSARS #21 requires numerous practice issues for the various service levels, including confirming the services to be provided to the client, attest vs. non-attest services, required procedures to be performed and documentation of them, and reporting requirements for each level of service. SSARS #21 also addresses specific issues overlooked in the original standard. Updates to SAS #21 are also provided and discussed.

Highlights

• Review of applicable SSARS standards, including standards updates
• Review of AICPA professional ethics requirements • In-depth discussion of non-attest services • Review of independence issues for SSARS services • Overview of SSARS #21-performance, documentation and other requirements • Detailed analysis of preparation vs. compilation engagements • Detailed analysis of review engagements

Prerequisites

None

Designed For

CPAs currently providing preparation, compilation and review services.

Objectives

• Recognize relevant features of each level of service under the SSARS standards • Determine which practice issues have the most significant impact on practitioners providing services under the SSARS standards, including maintaining independence when providing various non-attest services • Identify best practices for providing both attest and non-attest services

Preparation

None