Course Details
Author: Steven C. Fustolo, CPA
Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo’s articles are regularly featured in The Practical Accountant and other publications. He is the author of Practice Issues: Compilation and Review, Accounting and Auditing Reference Guide, Everything You Never Wanted to Know About GAAP, Enron: Fraud, Deception and the Aftermath, FASB Review for Industry, and FASB, SSARS and SAS Update and Review and numerous other books and manuals that have been published by Practitioners Publishing Company (PPC) and Commerce Clearing House (CCH). He is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs. Mr. Fustolo’s course entitled FASB, SSARS and SAS Update and Review continues to receive accolades and is regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0. He speaks regularly for professional groups including being a guest lecturer at the AICPA Advanced Accounting and Auditing Technical Symposium. Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.
Publication/Revision Date: 1/21/2026
Course Exam Questions (online): 60 (multiple-choice)
Program Delivery Method: NASBA QAS Self-Study
Available Formats of Course Text: Downloadable PDF; Printed/Mailed
Course Level, Prerequisites, and Advance Preparation Requirements
| License | Course Level | Prerequisites | Advance Preparation Requirements |
|---|
| CPA | Overview | None | None |
* This program is appropriate for professionals at all organizational levels.
Sponsor ID Numbers
National Registry of CPE Sponsors I.D.: 107615
State CPA Board Sponsor ID Numbers (where applicable)
Florida Division of Certified Public Accounting: 0004761
Hawaii Board of Public Accountancy: 14003
New York State Board for Public Accountancy: 002146
Ohio Accountancy Board: CPE .51 PSR
Pennsylvania State Board of Accountancy: PX178025
Texas State Board of Public Accountancy: 009349
Learning Objectives
As a result of studying the course material, you should be able to meet the objectives listed below:
- Sections I and II
- Identify some of the changes in SSARS No. 21, as amended, that are and are not carried over from auditing standards
- Identify engagement types that are and are not authorized under SSARS No. 21
- Section III
- Recall whether the preparation of financial statements standard is an attest or nonattest service
- Recognize the term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
- Recall whether a preparation engagement under AR-C 70 is subject to peer review
- Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
- Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
- Recognize an acceptable location in which to place the description of a special purpose framework in a preparation of financial statements engagement
- Identify where to disclose GAAP departures in a preparation of financial statements engagement
- Recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
- Section IV
- Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
- Identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
- Identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
- Recognize some of the changes made to the compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
- Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement
- Section V
- Recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90
- Identify requirements to be satisfied to perform a review engagement under AR-C 90
- Identify the date as of which management representations should be made in a management representation letter for a review engagement
- Recognize an appropriate title that can be used for a review report under SSARS No. 21
- Identify the order in which certain report paragraphs should be placed in the review report
- Recognize the definition of a reasonable period of time in evaluating going concern
- Recall some of the items that should be documented in a review engagement
- Sections VI, VII and VIII
- Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement
- Recognize when the requirements in AR-C 70 are not required to be applied in the preparation of financial statements per SSARS No. 27
- Identify one of the requirements in SSARS No. 24 when reporting on an international financial reporting framework
