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#AICPAnaaats Statements on Standards for Attestation Engagements.

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Presentation on theme: "#AICPAnaaats Statements on Standards for Attestation Engagements."— Presentation transcript:

1 #AICPAnaaats Statements on Standards for Attestation Engagements

2 #AICPAnaaats Clarifying the Attestation Standards Commonly known as attestation standards Apply to engagements that address subject matter other than historical financial statements, e.g: an entity’s compliance with laws or regulations the effectiveness of an entity’s controls over the privacy of information a financial forecast Address examination, review and agreed-upon procedures (AUP) engagements

3 #AICPAnaaats Clarifying the Attestation Standards 4 “general” AT sections that provide a framework for developing an attestation engagement AT 20, Defining Professional Requirements in Statements on Standards for Attestation Engagements AT 50, SSAE Hierarchy AT 101, Attest Engagements (which addresses examination and review engagements) AT 201, Agreed-Upon Procedures Engagements

4 #AICPAnaaats Clarifying the Attestation Standards Currently: 6 “topic-specific” AT sections for reporting on prospective financial information (AT 301) pro forma financial information (AT 401) internal control over financial reporting (AT 501) compliance with laws and regulations (AT 601) management’s discussion and analysis (AT 701) controls at service organizations (AT 801)

5 #AICPAnaaats Clarifying the Attestation Standards Objective: to make AT sections easier to read, understand and apply Redraft in clarity format New structure (objective is to eliminate repetition) Chapter 1: Concepts common to all attestation engagements Chapters 2-4: Levels of service (examination, review, agreed- upon procedures). -Each chapter addresses a specific level of service and builds on the common concepts chapter Subject-matter specific chapters -Each chapter builds on common concepts and level of service chapters

6 #AICPAnaaats Clarifying the Attestation Standards Example – Reporting on an examination of prospective financial information Currently, the following AT sections apply: -AT 20 -AT 50 -AT 401 Proposed structure, the following sections would apply: -Chapter 1, Common Concepts -Chapter 2, Examinations -Chapter X, Forecasts

7 #AICPAnaaats Clarifying the Attestation Standards Convergence with standards of the International Audit and Assurance Standards Board (IAASB) Foundation for the common concepts, examination, and review sections of the proposed attestation standards: -AICPA’s existing attestation standards -IAASB International Standards on Assurance Engagements (ISAE) 3000, “Assurance Engagements Other than Audits or Reviews of Historical Financial Information” (Dec 2013) -ISAE 3000 is IAASB’s framework standard for assurance engagements (equivalent of attestation engagements) -ISAE 3410, Assurance Engagements on Greenhouse Gas Emissions

8 #AICPAnaaats Clarifying the Attestation Standards Convergence with standards of the International Audit and Assurance Standards Board (IAASB) AT 801 was converged with ISAE 3402, Assurance Reports on Controls at a Service Organization, when SSAE No. 16, Reporting on Controls at a Service Organization, was issued in April 2010 Proposed “Reporting on Pro Forma Financial Information,” includes elements of ISAE 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus

9 #AICPAnaaats Clarifying the Attestation Standards July 2013, the ASB issued an exposure draft of the first four “chapters” Common Concepts Examinations Reviews Agreed-upon Procedures January 2014, the ASB issued an exposure draft of the following subject-specific chapters: Financial Forecasts and Projections Reporting on Pro Forma Financial Information Compliance Attestation

10 #AICPAnaaats Clarifying the Attestation Standards AT 801 exposure vote on July 2014 ASB agenda Reporting on Controls at Service Organization Delayed to include guidance from AAG One section not being clarified: Management’s Discussion and Analysis (AT 701) -Will remain unclarified One section moving and being replaced An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AT 501) -Will be moved to auditing standards Will be replaced by generic AT 501 examination standard on internal control

11 #AICPAnaaats Clarifying the Attestation Standards Final clarified SSAE will contain all attestation standards One SSAE (SSAE No. 18) even though more than one exposure draft -Expected issuance in second half of 2015 (estimate) -Proposed effective date (estimate): -No earlier than for reports dated December 15, 2015

12 #AICPAnaaats Clarifying the Attestation Standards Exposure drafts http://www.aicpa.org/Research/ExposureDrafts/AccountingandAudi ting/Pages/ExposureDrafts_ASB.aspx More information Dedicated ASB Attest Clarity page on AICPA Website at http://www.aicpa.org/InterestAreas/FRC/AuditAttest/Pages/AttestCl arityProject.aspx http://www.aicpa.org/InterestAreas/FRC/AuditAttest/Pages/AttestCl arityProject.aspx

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