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 audience to use it.
The Exposure Draft also limits how the proposed SSAE is used in litigation services involving pending or possible legal or regulatory proceedings.
Comments on the Exposure Draft are due Sunday, December 1. If approved, the final standard’s effective date is likely to be for reports issued on or after May 1, 2019.