AICPA Updates Attest Interpretation No. 4
The American Institute of Certified Public Accountants (“AICPA”) recently amended Attest Interpretation No. 4, Performing and Reporting on an Attestation Engagement Under Two Sets of Attestation Standards, of AT-C section 105, Concepts Common to All Attestation Engagements. Interpretation No. 4 offers guidance on conducting attestation engagements under two sets of attestation standards, such as the AICPA standards and standards from either the PCAOB or the International Auditing and Assurance Standards Board. Practitioners can perform and report an attestation engagement compliant with two sets of attestation standards providing that both sets of standards are followed. The updates impact paragraphs .31 to. Read More.
Topics: Agreed-Upon Procedures Engagement, AICPA, American Institute of Certified Public Accountants "AICPA", Attestation Standards, PCAOB, PCAOB Interim Attestation Standards, Public Company Accounting Oversight Board "PCAOB"
Exposure Draft Issued on Selected Procedures Standard
The Auditing Standards Board of the American Institute of Certified Public Accountants recently issued an exposure draft regarding the Proposed Statement on Standards for Attestation Engagements (“SSAE”), Selected Procedures. The proposal offers guidance on procedures outside of the scope of AT-C Section 215, Agreed-Upon Procedures Engagements. In addition, the proposed SSAE helps distinguish a selected procedures engagement from an agreed-upon procedures engagement. For instance, the practitioner would be exempt from requesting or obtaining an assertion from any party. Another key aspect is that the practitioner would not have to limit how the report is used, but could allow a wider. Read More.
Topics: Agreed-Upon Procedures Engagement, AICPA, AICPA Exposure Draft, American Institute of Certified Public Accountants "AICPA", Proposed Statement on Standards for Attestation Engagements, Selected Procedures