CPAR Accounting & Financial Reporting

CPAR - 2020/December, Seg. 1 -SSARS No. 25 - Materiality in a Review of Financial Statements and Adverse Conclusions

In February 2020, the AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services (SSARS) No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions. The purpose of this standard was to further converge the SSARSs with the International Standard for Review Engagements 2400, Engagements to Review Historical Financial Statements and to minimize differences with the auditing standards regarding concepts that are consistent regardless of the level of service performed. SSARS No. 25 amends AR-C section 60, 70, 80, and 90 of the AICPA Professional Standards. Michael Glynn, CPA, CGMA, senior manager, Audit and Attest Standards and staff liaison for ARSC, gives us an introduction and overview of the new standard.

Learning Objectives:

  • Identify SSARS No. 25 main differences and the effective dates of the standard;
  • Understand the definitions of limited assurance and modified conclusion;
  • Recognize the changes impacting going concern under AR-C Section 90; and
  • Determine the explicit requirements and documentation needs for materiality under SSARS No. 25.

Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.

Speaker / Author:

Michael Glynn, Technical Manager - AICPA Audit & Attest Standards Team
AICPA Audit & Attest Standards Team


Price (USD)

Standard: $69.90


Course Code : CPAR1487-FM

Release Date : 01/11/2021
Expire Date : 02/19/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

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