generally accepted auditing standards sas ssars ssaes

Generally accepted auditing standards sas ssars ssaes update#
Generally accepted auditing standards sas ssars ssaes professional#

23, Omnibus Statement on Standards for Accounting and Review Services – 2016. 18 support the movement of standards on certain engagements of prospective financial information to the accounting and review standards, in SSARS No. In addition to these changes, the updates in SSAE No. Also, the formats of reports issued under SSAE No. 18, there are some changes with regard to the need to obtain a written assertion as well as the need for a written representation letter, in most instances.

While the “how-to” hasn’t changed too much under SSAE No. 18 organizes the standards for such engagements into three broad categories, Common Concepts (Section 100), Level of Service (Section 200) and Subject Matter (Section 300). These levels of service are examinations, reviews and agreed-upon-procedures. The accountant’s job is to provide comfort on this assertion, in the form of an opinion, conclusions or findings, based on the level of services provided. The key to an attestation engagement is that a party makes an assertion about whether the subject matter is measured or evaluated in accordance with suitable criteria.

18 and will also have some different requirements and reports for accountants who perform engagements under them. The net effect is that the attestation standards will look a lot different under SSAE No. Additionally, the recodified standard is more consistent with the international attestation standard on these types of engagements. 18, which applies to examination, review and agreed-upon-procedure reports that are covered by the SSAES, incorporates may of the same drafting techniques that we have seen in other AICPA recodification offerings, making them much easier to read and apply. Issued in April 2016 and effective for reports issued on or after May 1, 2017, SSAE No.

Generally accepted auditing standards sas ssars ssaes update#

18, Attestation Standards, Clarification and Recodification, being its effort to update its attestation standards.

Generally accepted auditing standards sas ssars ssaes professional#

And recent changes to the SSAEs may have a big impact on how accountants perform these engagements.Īs part of its recodification project, the AICPA has been rewriting all of its professional standards, with SSAE No. These engagements, called attestations, are covered by the AICPA’s Statement of Standards on Attestation Engagements (SSAEs). While our focus is often on financial statement preparations, compilations, reviews and audits, especially during busy season, accountants are often asked to provide comfort on an assertion of management, such as compliance with the terms of a loan agreement or the effectiveness of internal controls, for example, at a 3 rd party service provider. It will be effective for examination, review and agreed-upon reports dated on or after May 1, 2017. 18, Attestation Standards, Clarification and Recodification in April 2016. The AICPA Auditing Standards Board (ASB) issued Statements for Attestation Engagements (SSAE) No. 18 Provides Clarity on Attestation Engagements: If You Think This New Standard Doesn’t Apply to Your Practice, Think Again By Surgent CPE March 13, 2017