The Compilation and Review Standards- SSARS No 25Code: 21-SSARS-25

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Course Details




The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by the issuance of SSARS No. 25,  Materiality in a Review of Financial Statements and Adverse Conclusions,  include changes made to AR-C 60- General Principles, AR-C 70- Preparation of Financial Statements, AR-C 80- Compilation Engagements, and AR-C 90- Review of Financial Statements.  Topics include expanding use of the disclaimer report in a preparation engagement, changes involving the reporting on the contractual basis of accounting,  new requirements to define materiality in a review engagement, expanded inquiries and management representations in a review engagement, the new modified conclusion (qualified and adverse conclusion) reporting changes, guidance on going concern in a review engagement, and more.  

After reading the Sections I through V course material, you will be able to:

•Identify engagement types that are (and are not) authorized under the SSARSs

•Recognize a precondition for an accountant to accept a SSARS engagement

•Identify what is required for an accountant to perform a preparation engagement

•Recall whether the preparation of financial statements standard is an attest or nonattest service

•Recognize whether an accountant and a client must sign an engagement letter for a preparationof financial statements engagement under AR-C 70

•Identify whether a report is required in a preparation of financial statements engagement

•Recognize what the reporting requirements are, if any, when a "no assurance" legend is omittedfrom prepared financial statements under the AR-C 70 standards

•Identify where to disclose GAAP departures in a preparation of financial statements engagement

After reading the Section VI course material, you will be able to:

•Recognize actions an accountant should take under SSARS No. 25 when a compilation isperformed on the contractual basis of accounting

After reading the Section VII course material, you will be able to:

•Identify factors that should consider in determining materiality in a review engagement

•Identify the date as of which management representations should be made in a managementrepresentation letter for a review engagement

•Recognize a change that SSARS No. 25 makes to the accountant’s review report

•Recall language that SSARS No. 25 requires to be included in a review report on the contractualbasis of accounting

•Identify the term that GAAP uses for management’s assessment of an entity’s going concern

•Recognize the reporting requirements for going concern in a review engagement

•Recall some of the items that should be documented in a review engagement


Delivery Method:  Self-Study


Category: Auditing

CPE credit:  4 Hours

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

American CPE, Inc. 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 addressed to:  National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417.  Web site:

NASBA Sponsor number 108096


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