Statements on Standards for Accounting and Review Services (SSARS) No. 21 was a game-changer for practitioners. Effective for periods ending on or after December 15, 2015, it codified and clarified all prior SSARS guidance into one streamlined standard. It overhauled the framework for engagements and introduced a new non-attest service: the Preparation of Financial Statements. This standard redefined the boundaries between attest and non-attest services, set clear expectations around engagement letters, required procedures and documentation, and updated reporting requirements for each service level—Compilation, Review, and now, Preparation. It also resolved several long-standing practice gaps from earlier SSARS and aligned with evolving client needs and firm workflows. Updates to SAS No. 21 were also included to maintain consistency across standards. For CPAs, SSARS No. 21 isn’t just compliance’it’s clarity. It’s a practical framework that reflects how we work today.
Learning 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
Major Topics
• 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
