AICPA
27 total works
Codification of Statements on Standards for Attestation Engagements, January 2019
by AICPA
Find the answers to the questions accountants, CPA, and clients are asking the AICPA in Technical Questions and Answers, a compilation of popular Q&As from the AICPA's Technical Hotline. This resource includes non-authoritative literature on the following subjects:
- Financial Statement Presentation
- Assets
- Liabilities and Deferred Credits
- Capital
- Revenue and Expense
- Specialized Industry Problems
- Specialized Organizational Problems
- Audit Fieldwork
- Auditor's Reports
- Attestation Engagements
New Q&As have been added for:
- Revised Section 163(j) limitation and evaluation of the realizability of a Section 163(j) carryforward (sections 3300.01-.02)
- Accounting for costs incurred in connection with the implementation of electronic health record systems (section 6400.53)
- Financial presentation considerations related to transactions involving provider taxation programs and similar arrangements (section 6400.54)
- Auditor assessment of a special-purpose government's only immaterial fiduciary fund (sections 6950.23-.24)
- Reporting guidance upon initial implementation of Statement on Auditing Standards no. 134, as amended (section 8100.04)
- OMB 2019 Compliance Supplement (sections 9110.24-.27)
Q&As under the following topics have also been revised: Statement of cash flows (section 1300), Consolidated financial statements (section 1400), Notes to financial statements (section 1800), Cash (section 2110), Fixed assets (section 2210), Long-term investments (section 2220), Health care entities (section 6400), Investment companies (section 6910), Financial Statement Reporting and Disclosure — Employee Benefit Plans (section 6931), Auditing Employee Benefit Plans (section 6933), Predecessor auditors (section 8900), Special reports (section 9110), Attestation reports (section 9510), and Attest engagement: American Land Title Association best practices framework (section 9540).
Statement on Auditing Standards (SAS) No. 133, Auditor Involvement With Exempt Offering Documents
Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018
Statement of Position (SOP) 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936
SAS No. 133 addresses the auditor’s responsibilities with respect to all exempt offerings of securities undertaken pursuant to federal and state securities laws and similar laws governing franchise offerings. AU-C section 925, Filings with the U.S. Securities and Exchange Commission Under the Securities Act of 1933, addresses other offerings. Prior to the issuance of SAS No. 133, the AICPA provided best practices specific to issuances of municipal securities in industry-specific auditing guidance appearing in AICPA Audit and Accounting Guides State and Local Governments and Health Care Entities.
Of most significance in SSARS No. 24 is the creation of a new section, AR-C section 100, Special Considerations—International Reporting Issues. This section provides requirements and guidance for an accountant who is engaged to perform a compilation or review when (a) the financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country or (b) the compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards.
Updated as of June 1, 2020, Professional Standards is a comprehensive source of professional standards and interpretations issued by the AICPA, such as auditing and attestation, accounting and review services pronouncements, along with the AICPA Code of Professional Conduct and Bylaws. Standards and related interpretations, to help accountants apply the standards in specific circumstances, are arranged by subject with amendments noted, superseded portions deleted, and conforming changes reflected.
Professional Standards includes these standards and sections:
- Auditing standards and interpretations
- Attestation standards and interpretations
- Accounting and review standards and interpretations
- Quality control standards
- Statements of Position—accounting, auditing and attestation
- AICPA Code of Professional Conduct
- AICPA bylaws
- Valuation services standards and interpretations
- Consulting services standards
- Peer review standards and interpretations
- Tax services standards and interpretations
- Policies for the CPE membership requirement and CPE standards
NEW IN 2020:
- Statement on Auditing Standards (SAS) No. 138, Amendments to the Description of the Concept of Materiality
- SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134
- SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes From SAS Nos. 134 and 137
- SAS No. 141, Amendment to the Effective Dates of SAS Nos. 134–140
- Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements
- SSAE No. 20, Amendments to the Description of the Concept of Materiality
- Statement on Auditing Standards for Accounting and Review Services (SSARS) No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions
- Statement of Position (SOP) 20-1, Reporting Pursuant to the 2020 Global Investment Performance Standards
- Addition of Pre-SAS No. 134 U.S. Auditing Standards — AICPA (Clarified) [AU-C] section
