Statements of Position



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The Auditing Standards Board (ASB) is considering the issuance of a statement on standards for attestation engagements (SSAE) to provide guidance to practitioners on performing and reporting on agreed-upon procedures engagements. The ASB has observed that there is diversity in practice in performing and reporting on these engagements, and that the existing guidance does not address a number of issues practitioners should consider. In addition, the ASB has concluded that negative assurance should be eliminated from agreed-upon procedures engagements covered by the Statement. The proposed Statement provides guidance to assist the practitioner in understanding: a. Agreed-upon procedures engagements and the applicable attestation standards. b. Conditions for performance of an agreed-upon procedures engagement. c. The nature, timing, and extent of procedures, including the involvement of internal auditors and others. d. The responsibilities of the practitioner and the specified users. e. How to report procedures performed and related findings. The proposed Statement would supersede: a. Paragraphs 43, 44, and 59 through 62 of "Attestation Standards" from SSAE No. 1, Codification of Statements on Standards for Attestation Engagements (AICPA, Professional Standards, vol. 1, AT sec. 100). b. Paragraphs 53, 55, and 56 of "Financial Forecasts and Projections" from SSAE No. 1 (AICPA, Professional Standards, vol. 1, AT sec. 200). c. Paragraph 9 of SSAE No. 2, Reporting on an Entity's Internal Control Structure Over Financial Reporting (AICPA, Professional Standards, vol. 1, AT sec. 400). Also, this proposed Statement would amend: a. Paragraph 70 of SSAE No. 1, AT sec. 100; b. Paragraphs 49 through 52, 54, and 57 of SSAE No. 1, AT sec. 200; c. Paragraphs 15 through 18, 23, 24, and 26 of SSAE No. 3, Compliance Attestation (AICPA, Professional Standards, vol. 1, AT sec. 500). The foregoing proposed amendments are included as appendixes A, B, and C to this proposed Statement. Furthermore, as a consequence of the foregoing changes to existing standards, the proposed Statement would require conforming changes to certain Statements on Auditing Standards (SASs) and related Interpretations and to certain SSAEs and the Attest Interpretation "Responding to Requests for Reports on Matters Relating to Solvency" (AICPA, Professional Standards, vol. 1, AT sec. 9100.33-.44). In addition, it would require updating the guidance in the following: a. Audit and Accounting Guides: (1) Audits of Banks; (2) Audits of Credit Unions; (3) Audits of Savings Institutions; (4) Guide for Prospective Financial Information; b. Statement of Position (SOP) 90-1, Accountants' Services on Prospective Financial Statements for Internal Use Only and Partial Presentations. Commentators to this proposed Statement should be aware that practitioners performing attest engagements must be independent pursuant to rule 101 of the Code of Professional Conduct (AICPA, Professional Standards, vol. 2, ET sec. 101). Interpretation 11 to rule 101 provides guidance about its application in certain attest engagements (see AICPA, Professional Standards, vol. 2, ET sec. 101.13). Relationship to Statement on Auditing Standards (SAS) No. 35, Special Reports - Applying Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement. Commentators to this proposed Statement should also be aware that, concurrent with exposure of this proposed Statement, the ASB has issued an exposure draft of a statement on auditing standards that would supersede SAS No. 35. The proposed SAS addresses a number of issues that also are being addressed in this proposed Statement. The significant difference is that, since the proposed SAS deals with specified elements, accounts, or items of a financial statement, presence of a written assertion as a condition of engagement performance is not required.

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Attest function (Auditing) -- Standards -- United States


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on standards for attestation engagements : agreed-upon procedures engagements;Agreed-upon procedures engagements; Exposure draft (American Institute of Certified Public Accountants), 1994, Oct. 28



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