Course ID: MARAS

Mastering AICPA Risk Assessment Standards and SSARS Requirements

An auditor’s overall objectives when conducting risk-based audits of financial statements of privately-held companies are to:
(a) Obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to error or fraud, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and
(b) Report on the financial statements, or otherwise, as required by the SASs, in accordance with the auditor’s findings, outlined in AU-C 315, Understanding the Entity and Its Environment and Assessing Risks of Material Misstatements, throughout the conduct of the audit.

In this session, we will address the key requirements and how effectively comply with them as well as focus on the areas of concerns that have been noted in recent AICPA Peer Review results and internal inspections.

If you perform a good amount of compilations, reviews and financial statement preparation engagements as part of your attest practice, then this seminar is right for you! Our compilation, review and financial statement preparation overview training session will give you and your professional staff everything you need to perform these engagements efficiently and effectively. We will address all current regulations relevant to SSARS No. 21-25 as well as the latest best practices that will help you streamline the performance of these engagements.

Learning Objectives

When you complete this session, you will be able to:

  • Strengthen your knowledge the key requirements of the suite of Risk Assessment Standards of the AICPA
  • Understand and avoid recent peer review findings relating to the risk assessment requirements
  • Understand and define audit risk and how to properly respond and document the results of your testing procedures in the workpaper files
  • Appropriately perform compilation, review and financial statement preparation engagements
  • Understand the reporting requirements associated with compilation and review engagements
  • Understand the requirements in providing preparation of financial statements services

Major Topics
  • Peer Review Challenges
  • Audit Planning and Supervision
  • Audit Risk and Risk Assessment Procedures
  • Obtaining and Documenting the Understanding of the Entity and Its Environment Including Its Internal Control
  • Materiality Considerations
  • Linking Audit Procedures to Mitigate the Risks Identified and Reach Audit Conclusions
  • Required Auditor Communications
  • Performing effective walkthrough procedures
  • Compilation, review and financial statement preparation engagements – introduction
  • Performing compilation, review and financial statement preparation engagements
  • Reporting on compilation, review and financial statement preparation engagements, including sample reports

Who Should Attend

Experienced CPAs and practitioners in public practice who conduct attest engagements under AICPA Professional Standards.

Fields of Study


General knowledge of AICPA Professional Standards and experience in providing attest service to private companies.

Business Learning Institute

CPE Credits


This course is available for your group as:


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