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
New Proposed Audit Data Standard Offers Efficiency, Uniformity
The American Institute of Certified Public Accountants (“AICPA”) has proposed new standards for collecting and submitting audit data. The goal is to make audits more efficient and more effective by proposing standardized formats for commonly requested audit data and for the most frequently used files for audits. The Emerging Assurance Technology Task Force arm of the AICPA’s Assurance Services Executive Committee (“ASEC”) published an exposure draft of their recommendations on August 8, 2017. The draft, titled Audit Data Standard – Fixed Asset Subledger Standard (“Exposure Draft”), is open to comments through November 6, 2017. Should the proposed information and standards in. Read More.
AICPA Accounting and Review Services Committee Meeting
From Tuesday to Thursday this week, the Accounting and Review Service Committee (“ARSC”) of the American Institute of Certified Public Accountants (“AICPA”) met in Boston, MA. Some of the agenda topics that were expected to be covered included: Proposed Statement on Standards for Attestation Engagements (SSAE), Selected Procedures; Draft proposed SSARS, Omnibus Statement on Standards for Accounting and Review Services 2018 International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements (ISRE 2400 (Revised)), including comparison of ISRE 2400 (Revised) to AR-C Section 90, Review of Financial Statements; and Consideration of Inconsistency in AT-C Section 210.. Read More.
Topics: Accounting and Review Services Committee "ARSC", AICPA, American Institute of Certified Public Accountants "AICPA", AR-C Section 90, AT-C Section 210, International Standard on Review Engagements, Statement on Standard for Attestation Engagements "SSAE"
Three Revenue Recognition Working Drafts Published
The American Institute of Certified Public Accountants’ (“AICPA”) Financial Reporting Executive Committee (“FinREC”) recently published the following working drafts featuring proposed implementation guidance for Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606): Engineering & Construction Contractors, Issue #4-4: Uninstalled Materials. This working draft covers accounting for items acquired for a construction project but are not immediately installed. Depository and Lending Institutions Revenue, Issue #5-1; Scope Issues. This working draft covers how guidance under Topic 606 is applied to credit card annual fees, deposit-related charges, and servicing and sub-servicing income. Power & Utility Entities, Issue #13-2: Requirements. Read More.
Topics: Accounting Standards Update "ASU", AICPA, AICPA Audit and Accounting Guide, Engineering and Construction Contractors, FASB, FinREC, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Working Drafts
AICPA Publishes Sustainability Information Attestation Guide
Providing accountants guidance on assurance regarding sustainability reporting, the American Institute of Certified Public Accountants (“AICPA”) has published Attestation Engagements on Sustainability Information — Including Greenhouse Gas Emissions Information. Susan Coffey, the organization’s executive vice president for public practice, said the attestation guide will cover areas aside from reporting on greenhouse gases and encourage consistency in assurance throughout sustainability engagement. The guide offers illustrative examination and review procedures to help accountants differentiate between the procedures. In addition, it features illustrative representation letters and accountants’ reports. The new guidance also addresses certain matters outside of the clarified attestation standards and offers. Read More.
Exposure Draft Issued on SOC 2 Description Criteria
As a result of its decision to publish a standalone document describing a service organization’s system, the American Institute of Certified Public Accountants (“AICPA”) recently issued the exposure draft, Proposed Revision of Description Criteria for a Description of a Service Organization’s System in a SOC 2(R) Report. The proposed revision of the SOC 2 description criteria will be separate from the AICPA Guide, Reporting on an Examination of Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy (SOC 2®), and codified in AICPA Professional Standards as measurement criteria. Also, additions to future Guide revisions will. Read More.